Eighty-year-old 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 he would never see pay out.
Mr Hensher, who had been diagnosed with throat cancer five months earlier, didn’t get a penny from the annuity —which pays an income for life. On the other hand, 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.
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