The Endowment Diary

The Endowment Diary


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

Monday, September 06, 2004

A Watershed Moment

A watershed in the endowment mortgage mis-selling scandal has been reached, a blast on the trumpets please..............

The £1BN barrier has been breached!

Life assurance companies have now paid over £1BN in compensation, to holders of their white elephant useless underperforming endowment policies.

That, on the face of it, is good news; isn't it?

I am afraid not, it represents a "drop in the ocean".

The current estimate for shortfalls on these policies, is running at £40BN to £100BN plus. The £1BN represents only 2.5% of the lower estimate.

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