Abbey Life fined £1m for endowment mis-selling

Abbey Life has been fined £1m by the FSA for mortgage endowment mis-selling and may have to pay compensation costs of £120 - 160m to 50,000 people, the FSA has announced this morning. Along with other "deficiencies", Abbey Life is said to have had insufficient compliance procedures and controls between 1995 and 1999, says the FSA. In particular, individual's attitudes to risk were not sufficiently represented in the sale of endowments to some policyholders, says the FSA, and 'Reason Why' letters were not produced to regulatory standards when it visited on three separate occasions b...