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.