Legal & General Group (LGEN)

Sector:

Insurance

Index:

FTSE 100

318.30p
   
  • Change Today:
      2.80p
  • 52 Week High: 319.30
  • 52 Week Low: 216.70
  • Currency: UK Pounds
  • Shares Issued: 5,965m
  • Volume: 7,076,357
  • Market Cap: £18,988m
  • RiskGrade: 113

Whistleblowers report L&G to FCA over compliance failures

By Sean Farrell

Date: Tuesday 31 Jul 2018

LONDON (ShareCast) - (Sharecast News) - Employees at Legal & General have reported the company to the Financial Conduct Authority over alleged compliance and risk failures at the insurer's £1trn asset management arm, the Financial Times reported.
The failures, potentially costing clients millions of pounds, were flagged up to the FCA under whistleblower rules. At least three Legal & General Investment Management (LGIM) employees alleged there was a poor risk culture starting with senior managers at the FTSE 100 company's active asset business, the FT said.

One whistleblower's complaint said: "Investors in Legal & General and LGIM products, many of them UK retail investors, are having their savings and investments put at risk by the current toxic risk culture." L&G, founded 182 years ago, is one of the biggest investors in the UK stock market.

An internal L&G team is alleged to have failed to report trading errors in a breach of company policies, including a mistake that caused big losses for a large retail investment trust, the FT said. The company investigated and in March, in a provisional finding, it said there was evidence procedures were not followed. A whistleblower said he was bullied after raising concerns, the FT said.

L&G told the FT it did not comment on whistleblowing but added: "We take these issues very seriously and in the months since these allegations were first made we have been conducting a full investigation using external advisers." L&G has been in touch with the FCA, the FT was told.

In June L&G said LGIM was an important part of its business and that in normal markets the division's profit would rise by up to 10% a year. In May the company said LGIM chief executive Mark Zinkula would step down in August 2019.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

Legal and General Market Data

Currency UK Pounds
Share Price 318.30p
Change Today 2.80p
% Change 0.89 %
52 Week High 319.30
52 Week Low 216.70
Volume 7,076,357
Shares Issued 5,965m
Market Cap £18,988m
RiskGrade 113

Legal and General Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value Not Available
Price Trend
71.75% above the market average71.75% above the market average71.75% above the market average71.75% above the market average71.75% above the market average
100.00% above the sector average100.00% above the sector average100.00% above the sector average100.00% above the sector average100.00% above the sector average
Income
81.67% above the market average81.67% above the market average81.67% above the market average81.67% above the market average81.67% above the market average
25% below the sector average25% below the sector average25% below the sector average25% below the sector average25% below the sector average
Growth
60.96% above the market average60.96% above the market average60.96% above the market average60.96% above the market average60.96% above the market average
100.00% above the sector average100.00% above the sector average100.00% above the sector average100.00% above the sector average100.00% above the sector average

What The Brokers Say

Strong Buy 6
Buy 0
Neutral 6
Sell 1
Strong Sell 3
Total 16
neutral
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Legal and General Dividends

  Latest Previous
  Interim Final
Ex-Div 15-Aug-19 25-Apr-19
Paid 26-Sep-19 06-Jun-19
Amount 4.93p 11.82p

Trades for 19-Feb-2020

Time Volume / Share Price
17:12 80,725 @ 318.40p
17:12 161,373 @ 318.40p
16:35 12,648 @ 318.30p
16:35 3,066,052 @ 318.30p
16:29 1,195 @ 319.00p

Legal and General Key Personnel

Chair John Kingman
CFO Jeff Davies
CEO Michelle Scrimgeour

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