27th May 2005 07:47
Legal & General Group PLC27 May 2005 FSMA Tribunal Judgement The Financial Services and Markets Tribunal ("the Tribunal") has today delivereda further decision in the case between Legal & General Assurance Society Ltd ("Legal & General") and the Financial Services Authority ("FSA"). Today's decision builds on the provisional view announced by the Tribunal inJanuary that "there should be a reduction in the penalty imposed by the FSA".The FSA had imposed a penalty of £1.1 million. The Tribunal has reduced this to£575,000". The Tribunal also stated that "it remains of the view that Legal & General werejustified in feeling aggrieved by the process by which the Regulatory DecisionCommittee's ("RDC")'s decision was arrived at". In January, the Tribunalcriticised some of the FSA's past disciplinary processes and the lack ofindependence of the RDC. The FSA has subsequently established a top-level Reviewof its enforcement and disciplinary process, which we welcome. David Prosser, Group Chief Executive said "I believe the Review set up by theFSA is a serious and thorough attempt at establishing a fair process ofadjudication. This is fundamental to the operation of regulation in our sector.We fully support a firm regulatory environment operating in a fair andeven-handed manner." For further information contact: Investors: Media:Peter Horsman John MorganHead of Investor Relations Media Relations Director020 7528 6362 01737 375353 Nicola Marshall Tony CarlisleInvestor Relations Manager Citigate Dewe Rogerson020 7528 6263 07973 611888 Notes to editors The Tribunal's judgement is available on: http://www.financeandtaxtribunals.gov.uk/decisions/seldecisions/financialservices.htm This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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