Scottish Amicable Fined Over Endowments
£750,000 fine for mis-selling endowment policies
7th March 2003
Scottish Amicable was yesterday fined £750,000 by finance industry watchdog FSA, after the regulators uncovered 'serious failings' in the way advisors sold endowment policies.
The FSA ruled that advisors did not place 'appropriate emphasis' on finding out whether a customer was prepared to take the risks associated with endowment mortgages, resulting in policies being mis-sold.
Scottish Amicable has reviewed over 33,000 policies from January 1999 to February 2001, and has set aside £11m for compensation where appropriate.
Read More: Financial Services Authority
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