FSA

The FSA has bracketed the savings gap as a ‘major threat' to the UK economy, calling pensions savings a ‘priority risk' in order for the watchdog to meet its statutory objectives in the short to medium term.

Fallout from Tuesday's publication of the Financial Services and Markets Tribunal's findings on L&G and the FSA continue to reverberate.

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.

Yesterday's conclusion of the landmark Financial Services and Markets Tribunal between the Financial Services Authority and Legal & General has generated an industry feeling of victory over the great tyrant, the FSA.

Yesterday's Financial Services and Markets Tribunal ruling in the battle between the FSA and Legal & General over alleged endowments mis-selling takes top billing in today's papers.

The crux of whether or not Legal & General had a widespread mis-selling case to answer, in respect of sale of its Flexible Mortgage Policy to consumers, seems in part to relate to the quality of the FSA-commissioned Endowment Sales Review.

The Personal Investment Authority knew about L&G's "procedural errors" which suggested advisers were mis-selling mortgage endowment policies, but did nothing to ensure improvements were made until 1999, the Financial Services and Markets Tribunal has...

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

Poor handling of endowment mis-selling complaints by financial services firms will increase the number of such cases passing through the Financial Ombudsman Service to around 70,000 cases a year until 2007, alleges the service.

This story has been updated and substantially altered, following new information from the Association of IFAs.