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★☆☆☆☆

“Massive charges and little left for any returns”

Written on: 12/04/2014 by MarioMoore484 (1 review written)

I found this a really confusing product which was supposedly sold to me to simplify my previous portfolio of various ISAs, but is actually an old fashioned Endowment with various bonuses and adjustments to make the value of the product very difficult to be sure of. The annual report states a gross profit of 15.7% for 2013 and 11% for 2012, but the actual returns to me only seem to be about 1.5%. I realise there is an allowance for "smoothing", but this seems ridiculous if 90% of the profits are being used for charges etc. Perhaps the Chief Exec salary of £1m (having increased 3 fold in the past 3 years) per annum is part of the explanation!

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