L&G’s decision to appeal keeps the terms of the FSA’s ruling firmly under wraps until the Tribunal takes place in open court later this year.
The L&G shareholder statement, said: “Legal and 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.”
The FSA punishment, which may have been in the form of a substantial fine, is said by L&G to relate to ‘a small number’ of mortgage-related assurance policies, issued between 1997 and 1999.
As yet no timescale for the process has been set. John Morgan, head of public relations at Legal and General, said: “We are expecting movement by the end of the first half of this year.”
