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 27, 2009

Slash and Burn Policy

Slash and Burn Policy

Aviva (nee Norwich Union) has slashed the payouts on its with-profits (an ironic term, given how useless these products are) endowments and pensions.

Aviva runs several with-profits funds including those sold by; General Accident, Commercial Union, Norwich Union and Provident Mutual.

- A 25 year General Accident mortgage endowment is now down 8.4%

- Aviva Life is now down 12%

- Commercial Union down 7.7%.

Precisely why does the FSA allow life assurance companies to use the phrase "with profits", when it is very clear that they do not do that?

Read more: http://www.dailymail.co.uk/money/article-1201432/Aviva-slashes-payouts-profits-endowments-pensions.html#ixzz0MSDHkBV4

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