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.
Catastrophe Bonds Linked to Wildfires Lose ‘Untouchable’ Status 
‘Door Knocker’ Roofers Were Everywhere. NC Farm Bureau Saw an Opportunity 
Aon Adds to List of Brokers Suing Howden US for Alleged Poaching, Theft 
Court Awards $32 Million Over Premature Baby’s Death at Yale Hospital 
