Legal shielding products a rip off!
A recent article of the Namibian newspaper (July 2010), quotes a study which has found that "Regulators need to up their game". The study "expressed concern about the conduct of the industry and has warned that the reputation of the Bank of Namibia (BoN) and the Namibia Financial Institutions Supervisory Authority (Namfisa) will suffer unless they step up supervision." In the study, mention is made of certain insurance companies that make use of misleading advertising when offering products as "free". This has to be a wake up call to us as consumers. As a lobby group, we have regularly been contacted by customers who do not receive the service they expected when they bought the products as advertised. A common complaint is about the legal insurance product so widely advertised in our newspapers, radio and television. In these adverts, the consumer is made to believe that a monthly premium will give them access to legal assistance should the need arise....