The Financial Services Authority has fined Royal & SunAlliance Life and Pensions and Royal & Su...
The Financial Services Authority has fined Royal & SunAlliance Life and Pensions and Royal & SunAlliance Linked Insurances £950,000 for mortgage-endowment mis-selling and related issues.
The fine applies for problems that arose between January 1997 and July 1999 when 35,000 policies were sold. R&SA has set aside £11m to compensate customers where appropriate.
Carol Sergeant, managing director for regulatory processes and risk at the Financial Services Authority, said: ‘This further action on mortgage endowment mis-selling should leave mis-selling firms in no doubt of our commitment to tackle those who make unsuitable recommendations to their customers, and to secure compensation for those who have lost out as a result.’
