The Lawyer’s new China Elite report contains the most detailed research available on the PRC legal market and contains unparalleled insight into the country's leading law firms. They vary in size, practice focus and geographic coverage, but they all share one common quality – ambition... Read more
This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
The Financial Services Authority and Markets Tribunal has slashed the £1.1m penalty imposed on Legal & General (L&G) by the Financial Services Authority (FSA).
The Tribunal yesterday, 26 May 2005, reduced the fine imposed on L&G to £575,000 by the FSA in the high-profile case involving the mis-selling of mortgage endowments. However, the Tribunal made no order for costs forcing L&G to foot the £2m legal bill payable to the company’s legal adviser Freshfields Bruckhaus Deringer.
In January the Tribunal cleared L&G of widespread mis-spelling of endowments, providing that only eight out of 152 were mis-sold. In that judgment the Tribunal criticised some of the FSA's past disciplinary processes and the lack of independence of the RDC. The FSA has subsequently established a top-level Review of its enforcement and disciplinary process, which we welcome.
Commenting on the Tribunal’s decisions an L&G spokesperson said: "The review set up by the FSA is a serious and thorough attempt at establishing a fair process of adjudication and judgement. This is fundamental to the operation of regulation in our sector. We fully support a firm regulatory environment operating in a fair and even-handed manner."
"L&G is a UK centric company, therefore our investment in this case, was one which we felt compelled to make. We have a very good relationship with the FSA, and we now wish to put this matter behind us, so now its back to business as usual," added the spokesperson.