Endowment row tribunal knocks both L&G and FSA

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The Financial Services and Markets Tribunal has just released its judgement on the case involving a mis-selling charge levied against insurer Legal & General.

While statements from both parties - L&G through a regulatory news service statement to the London Stock Exchange, and the FSA through its website - seek to put a gloss on the Tribunal's ruling, it does look as if both sides have had their knuckles rapped. The Tribunal found indeed there were cases of mis-selling, but that the number assessed in the L&G Endowment Sales Review was not sufficient for the FSA to automatically assume mis-selling was sufficiently widespread to support its decision to impose a £1.1m fine on the company. Accordingly, in the crucial paragraph of its 102 page ...

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