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Do you think Legal & General has come out on top in its legal dispute with the FSA over endowment misselling?

“Yes, I think it probably has but it is not a complete exoneration. I think the FSA needs to reduce the heavy hand of democracy.”
Craig John Shackcloth, AG Shackcloth & Co

“I guess we will not know who comes out on top until we know by how much L&G’s fine will be reduced. But, yes, at this stage I would say L&G has the edge on the FSA.”
Greg Allanson, Allanson Independent Advisers

“No. My initial impression from reading various articles is that it went 80/20 in favour of the FSA, with L&G coming out quite badly. But I do feel L&G had a point of principle in appealing as the FSA has been bullying firms and L&G stood up to it.”
Edward Boyle, Millbrae Financial Services

“Yes, although I find it a bit surprising. Reporting on the case has not helped public perception of the FSA when dealing with big organisations. It made it look as if the FSA is lacking teeth, which is not the case.”
Ian Howell, Capital Tower

“Yes, I think L&G has had a victory. It did not lie down and let the FSA walk all over it. The FSA will now have to think more about its own processes and realise it will have to put its own house in order rather than just criticising others.”
John Donaldson, Positive Solutions

“I see it as a moral victory for L&G. It has done better than one might have expected. It showed there were some failings in the original blanket decision by the FSA based on limited evidence.”
Mark Osland Fidelius

“No one has won. The FSA and Legal & General have both come out of this needing to do better.”
Thomas Sunbury, The Finance Partnership

No – 29%
Yes – 71%


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