An 80 year old man suffering from cancer lost £500,000 after a Royal Bank of Scotland adviser sold him a pension from Aviva, which saw the insurer keep almost all of the money as he died before it began paying an income.
Norman Hensher was taking large doses of painkillers when he met an adviser working for RBS subsidiary Isle of Man Bank and agreed to put most of his life savings into a pension, according to the Daily Mail. Hensher, who had been diagnosed with throat cancer five months earlier, died before receiving any income from the annuity. However Aviva has pocketed his £485,000 because it is allowed to keep his annuity investment, and the RBS salesman has earned a £15,000 enhanced commission. When Hensher's grieving family complained, the bank and the insurer said they had done nothing wrong...
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