The Endowment Diary

The Endowment Diary


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

Friday, December 19, 2003

I see that the FSA has fined Friends Provident £675K, for unfairly rejecting 5500 complaints about mis-selling of endowment policies.

That is good news for all of us who have had their complaints rejected by other firms.

The FSA have released some stats relating to the complaints they received during 2003.

They received 26000 complaints, each one of which took around 6-8 months to process.

They upheld about a 1/3rd of them.

As I have noted many times before on this blog, given the fact that there are about 5M people who may be in a position to claim; there is going to be an almighty backlog soon!

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