Financial services firm, Legal & General on Friday announced its refusal to accept a fine imposed on it by the UK's Financial Services Authority (FSA) for the alleged mis-selling of endowment mortgages between 1997 and 1999.
Speaking to the UK media, a spokesman for the firm explained that:
"Legal & General, after careful consideration and on legal advice, disagrees with both the decision reached by the FSA and the process by which it was reached. This is the first opportunity allowed by the FSA's process to have the matter heard independently."
Legal & General has argued that the procedure by which FSA rulings are made is unfair because the body's Regulatory Decisions Committee (RDC), which investigates recommendations made by the authority and then rules on them, lacks independence.
Although the RDC is supposed to be an independent body, it is in fact still a part of the FSA, and is chaired by an employee of the regulator, Christopher Fitzgerald.
According to reports, the insurance firm is taking the matter before the Financial Services and Markets Tribunal. The case is expected to be heard in mid-2004.
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