Zurich International Life
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I took out a Vista policy with Zurich International Life (ZIL) on 1 May 2008. The investment strategy that I designated was 100 per cent Euro Blue Chip Fund (EBCF).

On 4 January 2011, I took out a loan against my policy that has led to two problems that I have not been able to resolve.

First, the Loan Agreement that I signed, states "Sufficient funds will be switched to the Guaranteed Accumulation Fund to cover the value of the loan". The value of the loan was US$40,000; ZIL took an excessive US$62,624.40.

Second, the loan agreement also gave ZIL the right to take my money out of the EBCF, the fund designated in my investment strategy, and put it into a fund of its choice. It chose the US Guaranteed Fund (USGF).

I repaid the loan on 12 March 2012. Upon that date, the investment strategy of record should have gone back in force--however, it did not. My money stayed in the USGF. As a result, I have lost substantial return on my investment.

I brought this matter to the attention of ZIL's CEO Clive Baker. In his response, Mr Baker stated that, upon repayment of the loan, I was obliged to submit a written request to repurchase units in the Euro Blue Chip fund.

My investment strategy has been the same since day one. The notion that I should have to buy back into a fund (EBCF) that I never left is absurd.

The Board of Directors supports the position of management. Mediation has been ineffective. I filed a complaint with the Isle of Man and Swiss regulators. Both indicated that their mandate is enforcing legislation, not consumer protection.

I hope that Scambook can help.