The Endowment Diary

The Endowment Diary


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

Wednesday, January 28, 2004

The directors of some of Britain's largest life assurance companies were given quite a grilling yesterday by the Treasury Select Committee.

These life assurance companies, are those well respected institutions who sold us our underperforming endowment policies in the 1980's.

The Times printed a few stats relating to the pay rises of the top four bosses, and the performance of a 25 year endowment policy taken out by a male aged 29 contributing £50 per month.

Richard Harvey (Aviva) paid £1M 2002, pay rise since 1999 45%- endowment payout 2002 £88K, 1999 £110K (fall 25%)

David Prosser (L&G) paid £1.3M 2002, pay rise since 1999 50%- endowment payout 2002 £74K, 1999 £101K (fall 27%)

Sandy Crombie (Standard Life) paid £0.7M 2002, pay rise since 1999 70%- endowment payout 2002 £90K, 1999 £107K (fall 17%)

Jonathan Bloomer (Prudential) paid £1M 2002, pay rise since 1999 52%- endowment payout 2002 £78K, 1999 £106K (fall 26%)

Nice work guys!

Thanks to The Times for providing the figures.

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