L&G labels FSA "oppressive" over endowments - papers 21st May

A preliminary Financial Services and Markets Tribunal hearing revealed the FSA argued it should be allowed to widen the case against L&G even though its regulatory decisions committee have already found the group guilty of mis-selling. These comments are based on the findings of a PricewaterhouseCoopers report which suggests 60 out of a sample of 250 Legal & General endowment customers between 1997 and 1999 – amounting to 23% - were sold "unsuitable" policies, given their low appetite for risk. LESS THAN 3% of workers now hold stakeholder pensions, so the low cost products have failed...