Recently, hundreds of Manulife life insurance customers who purchased insurance through SCB Bank have spoken out, accusing the two entities of misleading advice.
Furthermore, many customers reported that their savings deposits were "magically" transformed into life insurance contracts.
In a press release, Manulife stated that it had reviewed each customer complaint. In the majority of cases, it was found that "there was insufficient evidence to substantiate the customer's claims."
In some cases where evidence of misconduct was found during the consultation process, the company took strong disciplinary action against the individuals involved, including reporting the matter to the relevant authorities.
Manulife will contact customers to discuss resolving their complaints, starting this week.
Manulife is expected to complete dialogues with customers and reach a solution around June 30th.
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