The Endowment Diary

The Endowment Diary

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

Monday, May 23, 2005

Standard Life's Secrecy

Standard Life's Secrecy

It seems that some life assurance companies, despite happily trumpeting their endowment payouts a few years ago, now try to keep their hapless policy holders in the dark.

Maybe it is something to do with the fact that these policies are useless?

One firm that has employed this "Orwellian" technique of information management is Standard Life.

Its with-profits policyholders have been receiving annual statements which do not disclose the policy's estimated terminal bonuses.

This information restriction was introduced in 2003. Seemingly, Standard Life believe that too much information will confuse policy holders.

Sorry, but what utter nonsense!

How stupid do they think we are to fall for that excuse?

However, after pressure from financial advisers, Standard Life finally relented; they are now "allowing" their policy holders the opportunity to find out how badly their policy is performing.

Unfortunately this "generous" release of information is not as "generous" as it may seem. The hapless policy holders will only be able to find out about the failings of their policies, if they ask an independent financial adviser.

Standard Life won't give the policy holders the information directly!

It seems that the life assurance industry is still treating us, the hapless policy holders, with contempt.

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