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A court has upheld an endowment complaint against Winterthur Life on the basis that a Colonial Mutual subsidiary it bought in 2000 was not authorised between 1989 and 1998.
The judgment at Croydon county court could open the door for claims from thousands of policyholders sold products by Colonial Mutual UK Holdings Group's 800-strong salesforce.
It raises questions over the FSA's role in the matter and a complaint has been sent to Complaints Commissioner Sir Anthony Holland.
The case was brought by a Croydon couple who claimed that the purchase of two endowment policies from Colonial Mutual Holdings Group in 1990 was in contravention of the Financial Services Act 1986. They asked to recover premiums paid, totalling...