R&SA fined £950,000 for endowment mis-selling

Royal & SunAlliance has been hit with yet another fine this morning worth £950,000, this time for endowment mis-selling between 1997 and 1999. R&SA sold around 35,000 mortgage endowment policies during this period, says the Financial Services Authority, but mis-selling and deficiencies in its sales systems and control functions between January 1997 and July 1999 have forced the life insurer to set aside £11m for redress, along with the 2,000 short-term contract policies which have been reviewed and offered redress worth £5.6m. In particular, the FSA says R&SA advisers failed to re...