The Endowment Diary

The Endowment Diary

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

Monday, July 04, 2005

Time To Sue

Time To Sue

It seems that the life assurance industry is guilty of a "being economical with the truth" in trying to persuade their hapless policy holders that once the time bar is down, they have no further rights to claim compensation.

The Observer reports that endowment policy holders still have the right to sue the life assurance companies in the courts.

Not surprisingly the life assurance industry, the same people who sold and mis-managed these useless products, is reluctant to remind people of their rights to sue.

Lawyer Adam Samuel, formerly the Personal Investment Authority Ombudsman, is quoted as saying:

"If anyone took one of these cases to court, the consumer would very probably win. The industry is terrified of this."

The life assurance industry is loath to allow a legal precedent to be set, that could cost billions.

As I have repeated many times on this site, what is actually needed is for there to be a class action taken by the 8 million holders of these useless, underperforming, products.

That will be the most efficient, and effective, method of ensuring that the life assurance industry addresses the failure and mismanagement of these products.

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