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R&SA fined almost £1m

  • 07/04/2003
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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.’


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