Following mortgage endowment failings identified by the industry regulator, the Financial Services Authority, Royal & Sun Alliance have been fined £950,000.
This company was fined by the FSA in August last year for further failings under the Pension Review, costing them £1.35m. A previous pension review fine of £250,000 came in 1997. The fine this time reflects the FSA's view that up to 20% of Royal & Sun Alliance endowment policyholders could have been mis-sold.
The UK director of Royal & Sun Alliance commented as follows on the recent fine: "The fine and the actions announced today relate to past shortcomings which we very much regret. Royal & Sun Alliance has been working hard and has co-operated fully with the FSA over the corrective action we are taking. Anyone with a legitimate complaint will receive the appropriate redress"