Legal & General has claimed a partial victory from the Financial Services and Markets Tribunal as it ruled that there should be a reduction in the fine imposed on the company by the FSA for mis-selling to its customers.
The tribunal found that there had not been widespread mis-selling, although Legal & General had committed rule breaches that will have caused or contributed to mis-sales. The FSA had proved eight cases of missales, out of an alleged 60, which in the tribunals view was limited.
Legal & General group chief executive David Prosser says: “We are pleased that the case has now been heard by an independent body. The tribunal has agreed with us that the RDCreached conclusions not justified by the material before it”.