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L&G to challenge misselling ruling

Legal & General is taking the FSA to an independent tribunal over its ruling that L&G missold endowment policies.

The ruling, which relates to “a small proportion of its mortgage-related insurance policies issued between 1997 and 1999”, is expected to be heard before the financial services and markets tribunal in the second quarter of next year.

L&G says it wanted the case to be aired publicly as it disagrees with the FSA&#39s decision and with the process by which it was reached.

The terms of the decision and the size of the fine imposed by the FSA have not been revealed but L&G says reserves set up at June 30, 2003 are believed to be sufficient to meet any proper claims.

L&G has issued a statement which reads: “Legal & General, after careful consideration and on legal advice, disagrees with both the decision reached by the FSA and the process by which it was reached. Accordingly, Legal & General has taken the first opportunity allowed by the FSA&#39s process to have the matter heard independently.”

Oxford Actuaries and Consultants business development manager Mark Secker says: “There has been a reluctance until now from firms to poke their heads above the parapet. The outcome is bound to have an effect on how firms deal with the FSA&#39s rulings.”



“No. The literature is adequate and IFAs know how to use it.”Vaughan Hart, Vaughan Hart Personal Financial “To an extent. But at the end of the day, provider literature should be compliant and reliable.”John O&#39Hare, Cameron Chase “No. All the information is there to be used and it is reliable for advice.”Paul Green, ACP Independent […]

Bills of fare

Our industry can look forward to some key announcements emanating from Westminster in the coming weeks. The Queen&#39s Speech, followed closely by the pre-Budget report, will reveal the Government&#39s intentions and, for the first time in a generation, financial services look set to take centre stage. The Government is rolling out a number of initiatives […]

FSCS declares RJ Temple in default

The Financial Services Compensation Scheme (FSCS) has declared R J Temple in default, which means that FSCS is satisfied the firm is unable to pay claims against it. A declaration of default opens the way for anyone who has lost money as a result of dealings with the firm to make a claim for compensation […]

&#39Brown stands to gain £7.2bn from £1.4m lifetime limit&#39

Chancellor Gordon Brown could receive a £7.2bn boost in tax revenue a year by leaving the proposed lifetime pension limit at £1.4m, says a leading accountancy firm. Figures from Numerica show that if the limit stays at the level proposed by the Government rather than the £2m demanded by the industry, the Treasury would reap […]


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