The Endowment Diary

The Endowment Diary

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

Tuesday, November 09, 2004

Renewal Commissions

I received an interesting email from the Consumers' Association, in respect of my earlier post on "Secret Commission Payments".

It seems that these payments, also called renewal commissions, are quite common. The Consumers' Association believe that they should be stopped.

Indeed the Treasury Select Committee are also of the same mind.

Their cross examination of some of the representatives of the endowment industry, in January 2004, makes amusing reading; as they make the endowment people squirm, as they try to justify these payments.

You can read the minutes here.

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