Standard Life Unable to Keep Endowment Promises
Up to 600,000 could lose out after Standard Life says it will not be able to keep its promise to make up shortfalls
8th October 2004
Life Insurer Standard Life has indicated that it may not be able to make up the shortfalls on its customers endowment policies, despite a promise in 2000 that it would do so.
The firm set aside nearly £400m to top up its customers endowment mortgages, but following a 'cruel investment climate' it will now only commit to making up the shortfalls on policies maturing before the end of 2005.
Policies maturing after 2006 may still have some of their shortfall covered, but Standard Life is unable to give an estimate of the amounts involved.
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