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Met probes commercial endowments

The FSA is helping the Metropolitan Police with an investigation into


commercial end- owment mortgage misselling.


The regulator has confirmed for the first time it is co-operating with the


Met&#39s fraud squad which is investigating allegations of investment product


misselling of endowments on commercial financing deals.


Both say the investigation is into specific allegations and is not part of


a widespread probe.


The fraud squad investigation has been going on for more than two years


but it refuses to confirm how many cases or which organisations are


involved.


It says it has not unearthed enough evidence as yet to determine whether


any charges will be made but has not ruled out the possibility anyone


accused of misselling could face jail. Last month, the Serious Fraud Office


reviewed the Metropolitan Police&#39s evidence but concluded there were no


grounds for an investigation into serious or complex fraud.


A Metropolitan Police spokesman says: “The investigation is into a small


number of allegations regarding misselling of endowment contracts which


relate primarily to endowments connected with commercial financing


arrangements.”

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