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L&G says programme ignored the positive side of endowments

L&G says it also made the point that consumers with repayment mortgages who are benefiting from falling interest rates are directing the money saved on repayments into investments, whereas those with endowments have their savings automatically invested through their mortgage but this was also omitted from the programme.

L&G says it also feels let down because the makers failed to say that consumers have more options than top-ups if an endowment has shortfalls, which can be discussed with IFAs.

Housing spokesman Peter Timberlake says: “We felt it was important to work with the makers but they edited out the positive sides of endowments.”

Zurich Financial Services may take “appropriate action” against a former Allied Dunbar adviser following film shown on the programme which was made secretly.

The BBC would not allow Zurich to view the piece before transmission, says external affairs director Jeff Wagland.

He says: “The prog- ramme was disappointing, sensationalist and badly researched. How could we give a reasoned view on a situation until we saw the film of what the salesman is alleged to have done?

“When we have seen the tapes, if there is a reason to be concerned, we will take appropriate action. We did not send a representative as we felt we could not trust Panorama to deal with our views fairly.”

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