IT LOOKS LIKE we're going to get running commentary on the L&G versus FSA £1.1m endowment tribunal over the next six weeks, as the Daily Telegraph this morning reports "deficient" systems for processing endowment mortgages have been blamed by the FSA for L&G's mis-selling.
According to coverage of the tribuna and comments from Hodge Malek representing the FSA, products were sold to 'financially unsophisticated customers' including an 'unemployed housewife' and “alarm bells” were triggered in 1999 as 35% of Legal's endowment mortgage sales were classified as "unsuitable" for their policyholders - double the average among 11 companies providing 50% of UK endowments. "There is a real risk of shortfall through a product sold by Legal & General to customers who in many cases were unsophisticated or on low incomes. These are the very people who could ill-afford ...
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