As expected, Royal Bank of Scotland has been ordered to pay an estimated £50 million ($72.5 million) in compensation to customers of its Royal Scottish Assurance affiliate who bought endowment mortgages between 1990 and 1994.
The announcement by the U.K.’s Financial Services Authority, follows the imposition last week of a record £2 million ($2.9 million) on RSA, after it miscalculated premium payments on the policies, and then, requested that the insureds pay more, rather than informing them of the problem.
RBS has already set aside the amount estimated and has said it will seek damages from its joint venture partner in RSA, insurer Scottish Equitable.
Topics Talent
Was this article valuable?
Here are more articles you may enjoy.
Farmers to Pay $2.8M to Settle TPCA Class Action Lawsuit 
One Weather Firm Warns New England Could See Big Hurricane This Season 
US P/C Industry Books Best Result in a Decade but Not All Lines Enjoy Success 
India’s Largest Nuclear Power Plant Hit by Data Breach 
