Millions of savers transferred as AXA sells out to Resolution for £2.75bn

So what does this really mean for the With Profit holders?

Craig, that's what we are trying to find out. Will update the story when we know more.

OK, so Resolution has bought Axa, does this mean that Resolution (former Friends Provident) shareholders will be asked to stump up cash when the shares have lost approaching 50% of their value since taking over Friends Provident?

Is Resolution taking over AXA's Health Insurance sections ?

Is Resolution taking over AXA's Health Insurance sections ?

Many Funds under the control of Resolution have not payed annual bonus's for some time and yet this Investment Vehicle has an insatiable appetite for even more Closed Funds.Wonder why?? Good luck AXA holders!!

Derek, as a former Holder of FP Shares, reckon it is pretty certain Stockholders will be asked to stump up for a Rights Issue which will be structured in such a way as to dilute and probaly further diminish the value of shares which were suspended at 60p. One wonders if the Regulator is taking any interest???

Serves us all right, we should all know by now that you cant trust live flesh. Its the issuers of the stock who make the loot. Study history and you will have to accept that the proffesional villains have long gone with our money before we have cottnd on.. They usually end up with a Peerage .You only have to con about a million or so " salt of the earth WORKERS" out of £0.20 per day and you can be on yer toes with about £73.000.000 in 12 months, then its stuff you jack! Oh by the way, have you considered that the regulators might be in the same club as thre villains

No good looking to Cleggie and Cameron for any intervention in these scams, they're all in the same club. Like they say, all the biggest gangsters are in the City of London.

Absolutly right Peter. I feel we are of the same ilk. Unfortunately I cannot continue in this debate as I have to go to work .I am. One of our few PRODCERS in the private sector, making castings which wont fail in sevice and will probably be recycled in 50 years or so. And I and my family manage quite well on a lot less than the average wage. But none of us are FAT like most of the parasites and smart arses who claim to be disadvantaged !12 hr night shift here I come. I just finish in tme for lunch and then some sleep before I start all over again. My heart bleeds for our footballers on £5.000,000 a year who are on medication to relieve their stress

Hey, I got out in 2003 .The pile of shite were down rating the endowment payments then. If had been in in 1975 i would have seen a repayment of £100000. Three years later(1978) (original investment) I got £35000. From then on in they have twisted and turned the way out of paying the investors what was promised.

Just remember, it is what they sold these policies on ! The expected returns !

Legalised fraud.

It is only going to get worse.

THe FSA are toothless, a boys club, formed by the untrustworthy, ripping off joe public.

These snakes have ripped everybody off and now have sold out to another trustless pile of faceless wonders,who guess what ! they are going to dissappear with your money.

Put your head between your legs and kiss your Ass and your money goodbye.

Whats wrong with this, you should have know better. some trustless wonder told you you it was a sound investment and YOU, you clown actually trusted them !

Does this Deal do not need Shares holders approval, in any way??

This deal will be sold to Stockholders in such a way that Underwriters of the Issue will have a field day. It is a Classic Catch 22 and no one in Regulatory is doing a thing it seems? Is it any wonder the Banking and now probable Sovereign Insolvency is becoming an endemic crisis general Tax payers are required to solve.Is the Free- Market treading a very rocky path??

My god, I am relieved to say that I got out of Axa 6 months ago, their customer service is appalling !!

Does this affect AXA ISA funds under management?

Does that mean he will be able to cut the final bonus on my wife's with-profits pension that she's had for nearly 30 years and is due next May - and reduce the current estimated fund of £80k (with a big chunk of terminal bonus) to £50k/£40k or whatever amount he chooses!!

Do not be under any illusion,Final bonus's are being decimated. The Actuaries will use complicated and some would say, double talk to justisfy the Bonus finally paid. No one in Regulation appears to take any notice of the Predation taking place with Closed Funds. Anyone with a Pension in a now Closed Fund should be worried.

Our with profits is due to mature later this year - have we any redress to anyone about all this?

LL the FOS recieve complaints, but nearly always state 'nothing is guarantted,all forms of investment have failed to give the expected return etc etc'. The Ombudsman Service will say it is not concerned with how good or BAD a Fund has been managed and can only act if clear maladminstration has taken place. Even fairness is not considered or even the way in which 'smoothing' has been applied. If smoothing had been applied in the way Policyholders had been led to believe the massive fall in Final Bonus's would not have happened on the scale seen these last 5 or 6 years. One further point to remember the FOS is Industry Funded so is it likely to bite the hand which feeds it that often?

Resolution Stockholders ( former FP policyholders) will recieve an Urgent Notice regarding GM to be held in Guernsey on 20th July. This notice contains a Voting form to consider 6 resolutions(sorry for the pun). The main ones being to Approve:- to Acquire AXA Life Business,Issue of New Shares in connection with the Rights Issue, Share Consolidation,etc. The Urgent Document advises Members to FULLY read 'The Circular and Notice of General Meeting'. There is No Circular or other Notice and the Shareholder Helpline are unable to provide any sound information except to say 'view the Website'. Readers should view the Website and then form their own Opinion. How can Shareholders possibly vote on issues for which there are no details,of Share Allocation, cash to pay, level of Consolidation and projected returns and so on. If Shareholders are prepared to Vote for a 'Pig in a Bag' there is NO hope. It is assumed AXA Policyholders will be informed and given some say if not Rights to Share in the Company's they have made. This is Not made up I kid you not. In a 21st Century Democracy it beggars belief the disdain which is being meated out by seemingly Unregulated Institutions.

Well CI 2 how right you were. The GM was held on 20//7 I had 4237 shares valued at about £2950 on 20/7/10.(bought and recieved when FP was privatised) I now have 142 new shares valued at about £340. Or so Computershare tell me. Trying to make sense of the prospectus is a niightmare although I understand I have the right to buy 17 new shares for each consolidated share I now own at a discount price of £1.50. Trying to get any informmation from the company or Computershare is a nightmare.

On 21/7/10, I accessed Computershare's web page and was advised that my holding of 4273 shares was valued at over £10,000 I obviously issued an instruction to sell which was acknowledged and I recieved a a deal reference number. I have subsequently been advised that deal was not valid as there was a computer error They do not answer the phones or E Mails. If anyone out there can give me some guidance I would be gratefull although I am not hopefull as the last post was on 1//7/10

Have I, a former FP policy and share holder, fallen among thieves? FP certainly seem to have fallen from their previously impeccable position. Should I emulate Bill Calland and try to sell my shares? HELP.

A5 I am afraid we all have been taken.Selling your Shares will return peanuts. So unless you have a Family of Monkeys, best to write off, I have. Contacting Regulators is worse than useless. The level of competence and devious practices makes one believe we live in a Banana Republic. Our Democratic Leaders fail to realize the anger which is growing over the Cavalier way in which Investors funds are being tranfered from one entity to another without any real accountablity. Just look at the recent history of the conglomeration of Insurance Funds now under the control of Resolution. Most are Closed Funds and the Audit Trail is much like a Spiders Web.

BC, your experience has been mirrored by a vast number of Shareholders and so far as I understand it, because the Holding Company ( Resolution) is registered in Guernsey it is outside of UK Regulation. This was clearly an Executive Decision when Resolution was created 3 or so years ago and apart from Tax purposes, allows the Company a 'Licence' to do virtually what it likes.If I am wrong someone please say.

The last Champion for the people was Lord Denning, sadly no longer with us and no one has taken on His Mission.

We received the following information when the fund was closed

https://my.axa.co.uk/pub/withprofits/faq_policyholder.html

Now less than a year later they have sold out, very pleased that I got out !

i have 2 Axa equity and law single contribution with profits pension funds policies ,we are due to have a payout from the slush fund every five years is this going to be affected by the buyout by resolution . aslo is the slush fund going to be secure from preditors

This really deters investment doesn't it, who can you trust anymore !

Cash only for me from now on, got out of Axa shortly after receiving the same letter as Anon 3.