A Nice Legal Spat
The Financial Services Authority (FSA) had a splendid courtroom "bust up" with Legal and General (L&G) yesterday; as the hearing about the £1.1M fine, imposed by the FSA on L&G for mis-selling endwoment policies, continued.
The QC for the FSA, Hodge Malek, noted that the the charge by L&G that the FSA broke the law was "wholly spurious"; he then went on the label the L&G case as "kamikaze defence."
I love a good punch up!
It is clear that, whoever wins this case, the relationship between the FSA and L&G will be irreparably damaged.
Insiders in the FSA are, according to reports, suggesting that the L&G tactic is purely a publicity gimmick.