Losses and lawsuits

Loss Database

Zurich Financial Services (Allied Dunbar)

The UK’s Financial Services Authority (FSA) announced on March 19 that it had fined Allied Dunbar Assurance, a life insurance subsidiary of Zurich Financial Services, £725,000 ($1,327,620) for alleged mishandling of complaints involving mis-selling of mortgage endowments. The alleged mishandling of mis-selling complaints occurred between May 2001 and April 2003.

According to the FSA, Dunbar’s claims-handling was inadequate and as part of the terms of the

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Investment banks: the future of risk control

This Risk.net survey report explores the current state of risk controls in investment banks, the challenges of effective engagement across the three lines of defence, and the opportunity to develop a more dynamic approach to first-line risk control

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