The Endowment Diary

The Endowment Diary

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

Wednesday, December 08, 2004

A Slight Untruth

My dear friends at my life assurance company wrote to me today, in connection with my ongoing enquiries into how much commission they are charging on my two endowment policies.

Here is an extract of the letter, signed by their Customer Service Agent:

"Thank you for your telephone call on 30 November 2004. I apologise for the delay in my reply.

Unfortunately, due to systems limitations I am unable to advise you of the commission charges that have been paid on your policy...

I am sorry I can be of no further assistance
..."

I would make a simple observation here.

The company is one of Britain's largest, and best known, life assurance company. They handle billions of pounds of investments, and have very sophisticated management information systems monitoring returns, payments, income etc.

Do they seriously expect me to believe that they do not keep records of commission payments?

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