The Endowment Diary

The Endowment Diary

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

Thursday, September 02, 2004

Back To The Future

Which has just issued a report, the findings of which could have been based on the experiences of the owners of endowment policy holders who were sold these underperforming white elephants in the 1980's.

The sad, and rather alarming, feature of the report is that it is based on research carried out by Which, this year.

Which checked out approximately 40 financial advisers, in well known banks and building societies; only three of these "professionals" offered satisfactory advice.

The "revelation" of the report was that advisers concentrated on selling life assurance, rather than on giving advice.

Sound familiar?

Remember when we were told that the smart way to cover a mortgage was with an endowment policy?

Among those "professional" institutions visited were Abbey, Halifax, HSBC, Lloyds TSB, NatWest, Nationwide and Northern Rock.

It seems that the advisers did not make it clear that they were only able to recommend in house mortgages. This is a clear breach of the Mortgage Code.

In other words, despite the endowment policy mis-selling debacle (the biggest financial scandal of the century), it seems that not a single lesson has been learned by our trusted and respected financial institutions.

Based on this, are you confident that the financial institutions will handle your endowment complaint in a professional and unbiased manner?

I suggest you sign my petition, if you are worried.

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