Legal and General Loses Mis-selling Appeal
Tribunal upholds charges of endowment mis-selling, but said the fine would be reduced
18th January 2005
The Financial Services and Markets Tribunal has rejected insurance firm Legal and General's appeal against charges of endowment policy mis-selling.
The company was fined £1.1m by the Financial Services Authority (FSA) after being found guilty of mis-selling, and the tribunal has confirmed that mis-selling took place, but disagreed with the FSA about the extent of the infractions.
The tribunal will therefore reduce the amount of the fine, but has not yet decided the new fine's size.
Read More: Financial Services and Markets Tribunal
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