The Endowment Diary

The Endowment Diary

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

Tuesday, January 18, 2005

Judgement Day

Judgement Day

Today is judgement day in the battle between the Financial Services Authority (FSA) and Legal and General (L&G).

The Financial Services and Markets Tribunal will rule in the appeal made by L&G, over the FSA's fine of £1.1M for mis-selling endowment mortgages.

Smart money in the City is on the tribunal giving the FSA a "drubbing" over it's role in this case, and in the manner in which it decided on the fine.

A partial victory for L&G would severely damage the FSA, and open the gates for others to appeal their fines.

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