Insurance ' Fat Cats' Attacked ; Huge Pay Hike for Chiefs As Endowments Feel the Pinch

Summary

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THE chief executives of some of the UK's biggest insurance companies were criticised by MPs yesterday for accepting huge pay rises at a time when millions are facing endowment policy shortfalls.

Appearing before the Treasury Select Committee were the heads of Aviva,Legal & General, Prudential,Royal & Sun Alliance and Standard Life. They conceded that around 70pc of those who took out an endowment mortgage faced a shortfall which will cost consumers between pounds 30bn and pounds 50bn in the next 10 to 15 years.

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Insurance ' Fat Cats' Attacked ; Huge Pay Hike for Chiefs As Endowments Feel the Pinch

But despite the problem faced by the industry...

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