The Endowment Diary

The Endowment Diary


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

Thursday, August 28, 2008

The Great Swindle

The Great Swindle

Tony Hazell in The Daily Mail writes:

"With-profits policies must be the most widespread con ever perpetrated on British investors. Very few people over 30 will have completely avoided having some of their money mismanaged in these massive funds.

But aside from a few mis-selling fines, the insurance companies responsible have got away with this great swindle

I couldn't agree with him more!

The life assurance companies should set this matter straight and underwrite these useless products that have been badly designed, and massively mismanaged.

They won't of course, because too many people in these companies have made far too much money by way of commissions and bonuses; ie greed, rather than integrity, is the overriding principle at play here.

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