selling legal and general endowments

Selling A Legal and General Endowment Policy

Click Here to sell your Legal and General  Endowment Policy .

sell my legal and general endowment policyLegal and General endowments were sold as level premium endowments or escalating premium endowments. This meant that as a policy holder you had the choice of your endowment policy premiums staying level throughout the term of the endowment or escalating from a low start and levelling off a number of years later.

Both with profits and unit linked endowments were sold by legal and general, but it is only the with profits endowments that are bought by the policy traders, so if you are looking at selling your legal and general endowment use the link above.


Legal & General challenges FSA ruling

Press Association
Friday November 21, 2003

Life insurer Legal & General  today set the scene for a court battle with the City watchdog by rejecting a ruling against it involving the sale of endowment policies.

Legal and General said it disagreed with a decision by the Financial Conduct Authority (FSA) relating to the sale of a small proportion of its mortgage-related assurance policies issued between 1997 and 1999.

The insurer said it was referring the issue, which could result in a fine being imposed on the company, to the Financial Services & Markets Tribunal. It also said it disagreed with the process by which the decision was reached.

Legal and General said it was informed of the FSA's action in a so-called "decision notice" issued by the authority.

The FSA can issue such notices following an investigative process involving its regulatory decisions committee (RDC), which considers a recommendation by the authority and makes a ruling.

Legal and General is understood to feel that the procedure is unfair because the RDC lacks independence.

In a statement, Legal and General said it had "taken the first opportunity allowed by the FSA's process to have the matter heard independently".

The FSA and Legal and General both refused to comment on the detail of the case.

Legal and General, which expects to have the case heard by the middle of next year, said it believed its reserves were sufficient to meet any proper claims.

It added: "Legal and General is committed to the fair treatment of its customers."


Update: in 2013 Patrick Collinson  of the The Guardian, reported

Millions of savers who took out endowment policies in the 1980s and early 1990s this week heard further disappointing news as insurers announced more cuts in payouts despite a recovery in the stock market during 2012.

Scottish Widows has sliced payouts for endowment holders in 2013 by nearly 10% compared with 2012, while Legal & General policies will be paying 9% less. The cuts come despite a 6.3% rise in the FTSE 100 across the year.