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?