Royal Scottish fined £2mn for endowment errors

Royal Scottish Assurance has been fined more than £2mn by the Personal Investment Authority (PIA) in relation to serious deficiencies in its mortgage endowment policies affecting some 30,000 customers. Royal Scottish has set aside £50mn for compensation to those who bought the product between October 1990 and December 1994, the amount (up to £10,000) to be decided case by case and paid by February 2001.