Scotland Yard has made its first senior management arrests as part of its probe into the mortgage en...
Scotland Yard has made its first senior management arrests as part of its probe into the mortgage endowment mis-selling debacle.
Ex-Guardian Royal Exchange Personal Financial Management staff Timothy Lloyd-Williams and Paul Gaywood were arrested earlier this month after more than 20 fraud squad officers took part in raids in Beckenham and Fulwood.
They are the first senior managers to be arrested as part of the Yard's investigation into the methods used to convince would-be homeowners to buy inappropriate or expensive endowment mortgages.
Both men were quizzed over their role at Guardian Royal Exchange between 1986 and 1990 when it suffered an £18m loss.
Lloyd-Williams is believed to have retired, while Gaywood is working for another firm.
An Aegon spokesman said: "They worked for Guardian Royal Exchange Personal Financial Management's direct selling operation, which was later wound up by the Guardian Royal Exchange Group in the early 1990s. We are providing the police with as much information as possible to help them with their enquiries."
Up to 3.5 million UK homeowners have endowment mortgages worth nearly £140bn and compensation could run into billions, possibly becoming the biggest payout since the pensions mis-selling scandal, which cost the industry £11bn.
