The Endowment Diary

The Endowment Diary

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

Friday, October 02, 2009

Fit For Purpose?

Fit For Purpose?

Legal and General informed me today that the shortfall on my "with profits" endowment mortgage of £39K will range between £13K - £16K.

So much for the concept of "smoothing", allegedly one of the main components of a "with profits" policy.

Maybe they could also explain to me why they sold and "managed" a product that clearly was not fit for purpose?

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