LMTIG To Raise Illegal Insurance Sales with Thai OIC

The Thai based aggrieved LM Investor group LMTIG are to file a group complaint over illegal sales of insurance products with the Thai Office of Insurance Commission (OIC).

The sixty strong, mainly expat, group claim that at least sixteen (16) of their number were illegally sold investment linked assurance products by unlicensed (in Thailand) insurance agents on behalf of unlicensed (in Thailand) insurance companies. Of the sixteen instances seven are related to UK Her Majesty's Revenue and Customs (HMRC) Qualifying Recognised Overseas Pension Schemes (QROPS).

Five seperate agents are involved. All five claim also to be offering financial advice and figure in a LMTIG complaint earlier this year to the Thai SEC for operating without license. The five are:

1. Abbey Solutions.

2. PFM International.

3. Credenda Associates.

4. PPI - Professional Portfolio International.

5. Global Investments Far East Ltd.

Four separate insurance companies are involved:

1. Friends Provident International.

2. Royal Skandia.

3. Royal London.

4. Hansard International.