The Financial Services Authority says it has been vindicated in its actions against Legal & General over mortgage endowment mis-selling because the firm was found to have mis-sold policies.
A statement issued yesterday following publication of the Financial Services and Markets Tribunal report - into the row between L&G and the FSA – says the tribunal upholds the case that L&G’s sales procedures were defective and finds “these procedural defects were have caused or contributed to mis-sales”. The FSA continued by pointing out oral evidence from 13 L&G customers and revealed at least in these specific cases, eight policies had been mis-sold and of this small collection of cases, “this represented potential mis-sales of 62% in this group of customers”. Before the tribunal c...
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