The Endowment Diary

The Endowment Diary

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The Endowment Mis-selling Debacle - one of the UK's worst financial scandals

Thursday, May 20, 2004

Reuters report that Legal & General will contest the £1M fine from the FSA.

L&G accuse the FSA of having to seek extra evidence, because its original case was not strong enough.

The FSA had accused L&G, in November, of selling risky savings products to risk-averse customers; and mis-selling endowment policies between 1997 and 1999.

Those of you anxiously waiting to hear the outcome of the case, will have to hold your collective breaths; the tribunal will not begin until September.

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