The Endowment Diary

The Endowment Diary

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The Endowment Mis-selling Debacle - one of the UK's worst financial scandals

Wednesday, December 04, 2002

I see that the FSA has fined Abbey Life £1M for mis-selling endowments between 1995 and 1999. Nice to see some action, albeit it a little slow, taking place.

As a consequence, Lloyds TSB has set up a £165M provision to cover compensation payments to an estimated 50000 customers; who were mis-sold their policies.

Now how about the FSA making a ruling on the other companies who mis-sold these products; which are clearly not “fit for purpose”.

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