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Legal & General endowment mortgage fine "flawed"

20 January 2005 / by None
The £1.1 million fine levied against Legal & General for mis-selling endowment mortgages has been branded "flawed" on appeal.

L&G appealed against the Financial Services Authority fine to the Financial Services and Markets Tribunal.

The FSA said in a statement it would give "careful consideration" to the tribunal's observations and "look to identify improvements to its own procedures as a result".

The tribunal ruled that there were problems with L&G's endowment mortgage selling strategy, and that some policies had been mis-sold, but it added that it was not correct to assume the extent of mis-selling that the FSA had done.

The ruling will not affect any claims for compensation from people that believe they have been mis-sold an endowment policy.

To find out more about endowment mortgage mis-selling, including if you are eligible for compensation, click here.
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