It seems that even those at the very top of the finance industry, were conned into believing that endowment policies would work.
It is reported that Simon Chapman, a senior partner with PricewaterhouseCoopers (PWC) and an expert on financial services compliance, bought a Legal & General (L&G) endowment policy.
He was assured that the L&G policy was "a sure fire way" to pay off his mortgage, and produce a cash surplus.
This revelation came out during the court battle between the Financial Services Authority (FSA) and L&G, last week.
Happily for Mr Chapman, after complaining about the policy being mis-sold, he received compensation of premiums plus interest.
Let us hope that we all receive such treatment from our life assurance companies!
Ironically he was then hired, jointly by the FSA and L&G, to investigate a sample of L&G endowment customers; as part of an FSA investigation into alleged mis-selling.