Recently, hundreds of customers who bought life insurance from Manulife through SCB Bank have spoken out to accuse these two units of being ambiguous in their advice.
Many customers even said that they deposited savings but it was "magically transformed" into a life insurance contract.
In a statement released recently, Manulife said it had reviewed each customer complaint. In most cases, it found that “there was insufficient evidence to substantiate the customer’s complaint.”
In a few cases where evidence of misconduct was found during the consulting process, the company took strong disciplinary action against the individuals involved, including reporting to the authorities.
Manulife will contact customers to discuss resolving complaints, starting this week.
Manulife is expected to complete its dialogue with customers and reach a resolution around June 30.
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