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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