Operational Failures Earn Record £2 Million Fine For Royal Scottish


London--Failures in internal organisation and controls resulted in UK mortgage endowment provider Royal Scottish Assurance failing to comply with regulatory requirements across its products.

That was the verdict in early December of Britain's Financial Services Authority (FSA), the UK's main investment market regulator, on "serious and widespread" compliance failings by Royal Scottish in respect of its endowment mortgage products.

The company, a subsidiary of Royal Bank of Scotland, was fined a

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