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Criticisms force FSA to review its operations |
The City regulator is embarking upon the review after criticisms were levelled at its procedures by the financial services and markets tribunal during an appeal by Legal & General into a £1.1m fine for alleged endowment misselling.
The FSA's confirmation that it will "review its procedures for investigations and making enforcement decisions" was made when it published its business plan for 2005/6 yesterday.
The regulator announced cuts to fees of as much as 16% for some of the firms it regulates after taking in £21m of fines during the year, while others will pay around 2.5% more
Overall, the total levy that the FSCS expects to raise is £203m, down from £218m, and it estimated that it will pay out £255m in compensation.
Full story http://www.guardian.co.uk/business/story/0,,1399320,00.html
Jan 27, 2005
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Lloyds TSB plc has allocated a further £110 million to compensate endowment policyholders. This is in addition to the £250 million which was set aside to pay compensation in 2003.
Lloyds TSB plc to impose a time bar on endowment policyholders that were mis-sold their policies in order to prevent them from making a claim
Reported in the Daily Telegraph December 2004
Mortgage endowment policyholders are collectively going to face a shortfall estimated at £ 40 billion
The average amount of compensation where a policy has been mis-sold is estimated to be £3,000
Source ABI (The Association of British Insurers) 2006
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