More mis-selling fines on the way - papers 5th December

MORE BIG FINES were "in the pipeline" yesterday after the Financial Services Authority imposed a record £1m penalty on Lloyds TSB for mis-selling endowment mortgages, says this morning's FT newspaper. The City watchdog's warning came after the UK's third largest bank was forced to set aside £165m to compensate between 42,000 and 46,000 policyholders. They were mis-sold endowment mortgages between 1995 and 1999 by the Abbey Life arm of Lloyds TSB. Up to 4,000 other customers may also be due compensation. Falling investment returns mean that 60% of the 10m outstanding endowment mort...