Windfalls clawed back by savings industry - papers 9 July

The Times reports that windfalls worth hundreds of millions of pounds to owners of endowment and pension policies could be clawed back by the savings industry in a new threat to victims of mis-selling. Pressure is growing on City regulators to offset windfall payments made by demutualising life insurers against any compensation paid to victims of the pension and endowment mis-selling scandals. The attempt to claw back compensation will come to a head next Monday when an insurance broker, Collegiate Insurance, will go to the High Court to challenge the decision of the Financial Service...