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Scottish Amicable fined £750,000 for endowment misselling

The FSA has fined Scottish Amicable £750,000 for endowment misselling between January and December 2000.

Following the intervention by the regulator, ScotAm &#45 now owned by Prudential &#45 has reviewed 33,781 policies and set aside £11m for redress. The FSA found that ScotAm&#39s advisers did makes customers sufficiently aware of the risk that the endowment might not pay off the mortgage.
Prudential spokesman Darragh Leeson says: &#34The shortcomings in our procedures were identified in January 2001 and immediately rectified to the satisfaction of the Regulator. We have co-operated openly and fully with this review and we accept the fine imposed.

&#34We can confirm that shareholders and not policyholders will pay the fine.&#34

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