Tribunal halves L&G endowment fine

A statement issued by the tribunal says L&G will pay £575,000, reducing the penalty from the £1.1m imposed by the FSA's Regulatory Decisions Committee. It also states it “remains the view that Legal & General were justified in feeling aggrieved by the process by which the Regulatory Decision Committee’s decision was arrived at.” The tribunal says the provider will incur no further costs and criticises the Financial Services Authority’s (FSA) procedures but is making no recommendations to the regulator to change them. The FSA announced in February that it would undertake a review of it...