The Endowment Diary

The Endowment Diary

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

Friday, March 05, 2004

I understand, from Reuters, that Abbey National says it will not pay bonuses on most with-profits insurance policies for a second year.

It blames declines in the stock market.

Abbey said on Monday that 850,000 customers of its Abbey National Life, Scottish Mutual and Scottish Provident units would get no pay-out.

So much for the phrase "with-profit"!

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