The Endowment Diary

The Endowment Diary


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

Tuesday, November 11, 2008

FSA Fights Lautro Ruling

FSA Fights Lautro Ruling

The Financial Services Authority (FSA) has appealed to the High Court over the Information Tribunals' decision to make them name and shame the Lautro 19.

The FSA argues that the information provided to it by the "Lautro 19" was confidential, and that it can't be disclosed.

The "Lautro 19" are endowment mortgage providers who misused Lautro projections to set unrealistically high maturity figures when selling their useless products to the unsuspecting public.

It is estimated that the number of policies affected by this number in the hundreds of thousands.

The FSA, by opposing the naming and shaming of the "Lautro 19", are failing in their duty to maintain an orderly and honest financial system; in other words the FSA is not fit for purpose.

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