High Court to rule on FSA's "Lautro 19" appeal in May - 31 March 2009

High Court to rule on FSA's "Lautro 19" appeal in May - 31 March 2009:

"The case stems from a Freedom of Information request by IFA Defence Union chairman Evan Owen in January 2005. The IC ruled in August 2007 that the FSA had to name the endowment mortgage providers which misused Lautro projections in setting premiums, meaning customers were given unrealistically high maturity figures.

Advisers say unrealistic projections led many consumers to complain about endowment shortfalls that were exaggerated or non-existent, which led to misselling payouts that would not have occurred if the projections were correct."

Well yes, and the blame lies firmly at the door of the actuaries, particularly those at the Government Actuarial Department who were members of the February 18th Group. This group supplied an irrational regime to the Financial Services Authority when it was called the Securities and Investments Board. Who pays for regulatory ineptitude? Not the regulators and that is for sure.

Evan Owen
www.ifadu.co.uk