Old Mutual Insurance
Old Mutual PLC is a banking group, insurance provider and investment and savings firm. More than $300 billion in assets is under the management of Old Mutual PLC, which was established in 1845 in South Africa.
The company first was intended to serve as a mutual insurance company, but has expanded substantially and acquired numerous additional businesses, including the Boston-based United Asset Management. It now has a substantial presence in asset management within the United States. Acquisitions in Sweden, the United Kingdom, and other locations worldwide have helped to provide Old Mutual plc with a global presence.
Because Old Mutual is such a large insurer, many people purchase products from the company. There are 16 million customers who receive their insurance and investment products from Old Mutual. If any of these policyholders or investors believe they have been provided with inaccurate information or otherwise misled or mistreated by Old Mutual or by any insurer, a San Francisco financial elder abuse attorney should be consulted for help.
Old Mutual Insurance Products
Old Mutual offers insurance and investment products through key brands including OldMutual; Nedbank; OldMutual Wealth; Mutual & Federal; and iWYZE, which provides insurance for valuables. Insurance products include term and whole life policies, property insurance policies, and other investment products aimed at helping people to save for a secure retirement.
Class Actions & Regulatory Actions Against Old Mutual Insurance
Not all holdings of Old Mutual Insurance Products have been 100 percent focused on being consumer-friendly. In 2003, Pilgrim Baxter & Associates was one of many companies facing allegations by the Securities and Exchange Commission (SEC). The SEC claimed PB&A, which was acquired as part of Old Mutual’s purchase of United Asset Management, had engaged in market timing.
This SEC action was not the end of the issues faced by Old Mutual PLC. In 2007, the New York Times published an expose into “instant experts” who were marketing investment products to vulnerable seniors. In many cases, so-called “experts” were able to pay for correspondence courses that offered credentials but little education into what was actually right for elderly buyers. These financial experts would then turn around and talk at seminars to frighten seniors into investing in annuities, insurance, or other products sold by companies like Old Mutual.
New York Times indicated that Old Mutual, along with Allianz and American Equity, were listed as sponsors of seminars where scare tactics were used to convince retirees to buy their products. Unfortunately, scare tactics do not provide the actual detailed information seniors need to determine if financial products are a smart purchase for retirement savings or not. The use of these scare tactics resulted in a substantial increase in complaints connected to insurance product sales.
In cases where any insurer uses scare tactics or dishonesty of any type to push its products, there is the potential for class action litigation to arise and for regulatory agencies to take action as well. A class action or other civil litigation can often be the most viable solution to helping victims get compensated and to making sure an insurer learns a lesson on obeying consumer protection laws. The Evans Law Firm, Inc. can provide assistance with litigation efforts and holding insurers accountable. Call today at (415) 441-8669 or contact us via email at firstname.lastname@example.org.