The Endowment Diary

The Endowment Diary


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

Saturday, September 18, 2004

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.

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