The Endowment Diary

The Endowment Diary


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

Friday, June 11, 2004

It is reported that the Royal & Sun Alliance has imposed a time limit, preventing customers who may have been mis-sold a mortgage endowment policy from complaining.

They claim that they are reconsidering their approach.

I understand that the other main endowment companies claim that they do not apply time limits.

However, the Financial Ombudsman Service (FOS) believes that the majority of companies do apply time limits.

There seems to be a "confusion of facts" here!

It is reported that the Select Treasury committee will investigate this, when it sits in the next fortnight.

I would say that the reputation of the Financial Services industry must be pretty well in tatters now. There is a report circulating that people are not saving enough for their retirement.

Given the endowment policy mis-selling scandal, why on earth would anyone trust these guys again with their pensions?

Would you?

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