The Endowment Diary

The Endowment Diary

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

Thursday, May 24, 2012

L&G Talk Bollocks!

Legal and General (L&G) have sent me a summary of the performance of my two "with profits" (a misnomer if ever there was one) polices that I have with them.

They mature this year and, in theory, are meant to cover a £75K mortgage.

Based on the less than stellar performance to date, as outlined in the bonus statement for 2011, I estimate that the shortfall will be around £30K; ie a percentage shortfall of 40%!

This spectacularly poor performance is "odd" given what L&G say about themselves:

"You have one of the UK's leading fund management groups looking after your money.

The With Profits Fund aims to even out some of the short-term ups and downs of investing, helping you to plan for your future."

Complete and utter bollocks!

Do these people really believe their own bullshit?

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