Read all the latest FSA press releases here, or better still, sign up to our Regulatory Updates.
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19th November 2008 FSA welcomes Financial Services Skills Council's work to raise standards The Financial Services Authority (FSA) today welcomed the work done by the Financial Services Skills Council (FSSC) on setting and raising standards, following the publication today of the FSSC guidance on good practice for training and competence (T... |
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19th November 2008 Insurance Directors banned for failing to ensure firm complied with client money rules The Financial Services Authority (FSA) has banned two directors of an insurance broker for failing to ensure that their firm complied with FSA client money rules. Roger Muse and his son Daniel Muse are prohibited for three years from performing any ... |
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18th November 2008 FSA bans director Peter King and his firm New Forest Mortgage Company Ltd The Financial Services Authority (FSA) has banned Peter King and his firm New Forest Mortgage Company Ltd for knowingly submitting applications for fraudulent life assurance policies. The FSA found that, since June 2007, King submitted applications ... |
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13th November 2008 Former UK ambassador and Belgian businessman fined for market abuse The Financial Services Authority (FSA) has fined Mr Richard Ralph, the former British ambassador to Peru and the former executive chairman of AIM-listed mining company, Monterrico Metals Plc (Monterrico), GBP117,691.41 and his friend Mr Filip Boyen G... |
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12th November 2008 FSA statement on the Treating Customers Fairly initiative The Financial Services Authority (FSA) has today announced that it will accelerate the full integration of Treating Customers Fairly (TCF) into core supervisory work. TCF remains central to the FSA's retail strategy, and firms are expected to meet ... |
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12th November 2008 FSA concludes its review of insurance comparison websites A further Financial Services Authority (FSA) review of insurance comparison websites has found that many sites have made significant improvements and are consistently providing clear, fair and not misleading information, but some firms need to go fur... |
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12th November 2008 Cheshire and Nationwide Building Societies: merger confirmation hearing The Financial Services Authority (FSA) today announced the arrangements for the hearing of the proposed transfer of the engagements of Cheshire Building Society to Nationwide Building Society. The confirmation hearing will be held at Town Hal... |
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11th November 2008 FSA fines AWD Chase de Vere Wealth Management Ltd GBP1.12 million for mis-selling The Financial Services Authority (FSA) has fined AWD Chase de Vere Wealth Management Ltd GBP1.12 million for serious failings in its pension transfer, pension annuity and income withdrawal business that resulted in mis-selling. The FSA found that t... |
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10th November 2008 FSA calls for greater international cooperation to tackle boiler room fraud The Financial Services Authority (FSA) has called on regulators and law enforcement agencies from around the world, including the US Securities and Exchange Commission and the Spanish and German regulators, to help tackle a fraud that reaps about GBP... |
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5th November 2008 FSA bans mortgage brokers for advice failings The Financial Services Authority (FSA) has banned and publicly censured Tyne & Wear mortgage brokers Edward Allen and Ronald Allen for failings which exposed the customers of their firm to the risk of receiving an unsuitable mortgage. Thi... |
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4th November 2008 FSA consults on regulating retail banking conduct of business The Financial Services Authority (FSA) has today published a consultation paper proposing a new framework to regulate the way that banks treat their customers. Currently, the Banking Code Standards Board monitors and enforces the voluntary Banking C... |
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29th October 2008 FSA fines firm and MLRO for money laundering controls failings The Financial Services Authority (FSA) has today fined Sindicatum Holdings Limited (SHL) GBP49,000 and its money laundering reporting officer (MLRO), Michael Wheelhouse, GBP17,500 for not having adequate anti-money laundering systems and controls in ... |
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23rd October 2008 FSA publishes contracts for difference feedback statement The Financial Services Authority (FSA) today publishes its feedback statement on disclosure for contracts for difference (CfDs). After receiving extensive feedback from a broad spectrum of interested parties on its November 2007 CfDs Consultation P... |
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23rd October 2008 FSA bans Lancashire broker for failing to insure consumers The Financial Services Authority (FSA) has banned Lancashire broker Neil McKay after finding that he cancelled contracts of insurance without customers' knowledge or approval and failed to pass premium payments taken from customers on to other interm... |
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22nd October 2008 Public Statement on the 30 day review of FSA's short selling measures When the Financial Services Authority (FSA) introduced its additional short selling measures in the Code of Market Conduct on 18 September 2008 the FSA committed both to reviewing them after 30 days and also to publishing the results of a comprehensi... |
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20th October 2008 Half-a-million expectant parents across the UK to receive free financial guide from the FSA this year As Parents' Week gets under way, the Financial Services Authority (FSA) has begun the UK-wide distribution of the Parent's Guide to Money, its practical and impartial resource for expectant parents designed to answer questions about their changing fi... |
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16th October 2008 Two directors of mortgage firm are fined GBP60,000 The Financial Services Authority (FSA) has fined two directors from Abbey Mortgages Limited, based in Bexleyheath and Stokesley, GBP30,000 each for shortcomings in their mortgage business which put financially vulnerable customers at risk and the fir... |
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16th October 2008 FSA fines mortgage broker for advice failings The Financial Services Authority (FSA) has fined Doncaster mortgage broker Orchid Financial Limited GBP34,500 for failing to ensure it provided suitable advice which exposed over 900 customers to the risk of being sold an unsuitable mortgage. ... |
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16th October 2008 FSA and HMT launch Moneymadeclear campaign to help people stay in control of their money The Financial Services Authority (FSA) and HM Treasury (HMT) have this week launched a campaign for consumers who may be struggling in the current climate to help them keep a better grip on their money and finances. The GBP2 million Government-funde... |
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9th October 2008 FSA fines two firms for advice failings in sales of geared traded endowment policies FSA fines two firms for advice failings in sales of geared traded endowment policies The Financial Services Authority (FSA) has today fined Knowlden Titlow Financial Services Ltd GBP35,000 and Derrick Hales Financial Planning Ltd GBP10,500 for failu... |
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8th October 2008 Derbyshire and Nationwide Building Societies: merger confirmation hearing The Financial Services Authority (FSA) today announced the arrangements for the hearing of the proposed transfer of the engagements of Derbyshire Building Society to Nationwide Building Society. The confirmation hearing will be held at The Br... |
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7th October 2008 Alliance & Leicester to pay GBP7 million fine for PPI failings The Financial Services Authority (FSA) has fined Alliance & Leicester Plc (A&L) GBP7 million for serious failings in its telephone sales of payment protection insurance (PPI). For three years from January 2005 to December 2007 A&L sold a... |
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3rd October 2008 Compensation scheme to cover savers' claims up to GBP50,000 The Financial Services Authority (FSA) has today increased the compensation limit for bank deposits from GBP35,000 up to a total of GBP50,000 for each customer's claim. This increase applies from Tuesday 7 October 2008. Customers with joint accounts... |
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2nd October 2008 FSA fines York based investment firm GBP28,000 for advice failings The Financial Services Authority (FSA) has fined TBO Investments Limited (TBO) GBP28,000 for failing to clearly document the explanation of the risks of transactions to clients. It also failed to make and retain records that demonstrate the suitabili... |
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30th September 2008 FSA bans and fines mortgage broker for serious regulatory failures The Financial Services Authority (FSA) has banned North Wales mortgage broker Stephen Jones and fined him GBP100,000 after finding he had exposed about 1500 customers to the risk of receiving unsuitable advice. The FSA has also fined junior partner ... |
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30th September 2008 FSA censures two directors for poor compliance and sales practices Mr Michael Worthington and Mr Darren Millington have today been censured by the Financial Services Authority (FSA) for failing to make sure that their business, Lifestyle Finance Limited (Lifestyle), had the appropriate compliance and sales procedure... |
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30th September 2008 FSA update on its review of the sale of PPI In an update on its thematic review of sale of Payment Protection Insurance (PPI) the Financial Services Authority (FSA) has set out that, due to the poor findings from its recent work, it is escalating its regulatory intervention. The FSA will con... |
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29th September 2008 FSA expects firms to ensure suitable advice on transfers into SIPPs The Financial Services Authority (FSA) has today set out its expectation that firms give suitable advice to help customers make informed decisions about transferring built-up National Insurance rebates into Self-Invested Personal Pensions (SIPPs). F... |
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25th September 2008 Lender fined GBP1.12 million for exposing borrowers to financial loss The Financial Services Authority (FSA) has fined GE Money Home Lending (the firm) GBP1.12 million for systems and controls failings that resulted in 684 borrowers with a regulated mortgage contract suffering financial loss in excess of GBP2.3 million... |
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23rd September 2008 Universities call in the FSA Money Doctors as research shows a third of students are constantly overdrawn As the new university term begins, the Financial Services Authority (FSA) has set its sights on introducing its Money Doctors financial education programme to 50 more universities this year as research shows that young people are least able to manage... |
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23rd September 2008 FSA announces the appointment of two senior advisors The Financial Services Authority (FSA) today announced the appointment of two new senior advisors. Graeme Hardie and Ian Marshall will advise across the FSA, with reference to their specialist areas; retail markets and wholesale insurance respe... |
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19th September 2008 Insider Dealing: Two charged at City of Westminster Magistrates Court Neel Akash Uberoi of Kenley, Surrey, date of birth 22 August 1947 and Matthew Francis Uberoi of Kenley, Surrey, date of birth 12 December 1984 were today charged at City of Westminster Magistrates Court with 17 counts of insider dealing, contrary to ... |
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18th September 2008 FSA statement on short positions in financial stocks The Board of the Financial Services Authority (FSA) today (Thursday 18 September) agreed to introduce new provisions to the Code of Market Conduct to prohibit the active creation or increase of net short positions in publicly quoted financial compani... |
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18th September 2008 Callum McCarthy: Comments on short positions in financial stocks Extract from the speech by Callum McCarthy, Chairman of the Financial Services Authority to the Lord Mayor's City Banquet at the Mansion House this evening. "We have been much concerned - as have many - at the volatility and what I would descr... |
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18th September 2008 FSA Chairman addresses Lord Mayor's City Banquet Callum McCarthy, Chairman of the Financial Services Authority, addressed a number of financial services regulatory issues in a speech to the Lord Mayor's City Banquet this evening. The full text of the speech is below: Mansion House speech... |
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8th September 2008 FSA censure for Coventry mortgage broker The Financial Services Authority (FSA) has censured Coventry-based mortgage broker, Mr Mohammed Habib, who traded as MAH Mortgage and Finance, for failing to ensure that his customers received suitable advice. Mr Habib must also pay for an independe... |
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8th September 2008 Hedge Fund manager sanctioned by FSA for Market abuse In a settlement reached with the Financial Services Authority (FSA), Steven Harrison, a former hedge fund manager, agreed not to act as a fund manager or trader for 12 months and to pay a GBP52,500 fine. This is the first such case the FSA has broug... |
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4th September 2008 FSA fines mortgage firm GBP63,000 for serious regulatory failures The Financial Services Authority (FSA) has fined Derbyshire mortgage broker Approved Financial Solutions Ltd (AFS) GBP63,000 after finding the firm failed to ensure it gave suitable advice, and did not communicate accurate information about mortgage ... |
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2nd September 2008 The FSA bans three directors for misusing client money The Financial Services Authority (FSA) has banned three directors of a London-based insurance business, BPS Insure Limited, for failing to inform the FSA that BPS had a deficit of approximately GBP3 million in its client account and had misused clien... |
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28th August 2008 FSA consults on Payment Services Directive Handbook changes The Financial Services Authority (FSA) has today issued a consultation paper proposing Handbook changes that are required to implement aspects of the Payment Services Directive (PSD). The PSD requires countries in the European Economic Area (EEA) t... |
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21st August 2008 FSA fines five motor dealers for PPI failings The Financial Services Authority (FSA) has today imposed fines totalling more than GBP175,000 on five motor retailers for serious breaches relating to the sale of Payment Protection Insurance (PPI), which exposed a total of 2,175 customers to the ris... |
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20th August 2008 FSA bans financial adviser for pension transfers failings The Financial Services Authority (FSA) has banned Barnsley-based sole trader Darrell Mark Eaden from being a senior manager for failing to monitor effectively his pension transfer specialist. This exposed customers to the risk of receiving unsuitable... |
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19th August 2008 FSA issues alert about investor scam The Financial Services Authority (FSA) has issued an alert today that at least ten 'recovery firms' are targeting a scam at investors who bought shares through Pacific Continental Securities (UK) Ltd (Pacific Continental). Many investors who origina... |
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13th August 2008 FSA fines Credit Suisse GBP5.6m for systems and controls failings The Financial Services Authority (FSA) has today fined the UK operations of Credit Suisse (the subsidiaries) GBP5.6 million for breaching FSA Principles 2 and 3 by failing to conduct their business with due skill, care and diligence and failing to or... |
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13th August 2008 FSA puts a stop to illegal UK based share scheme The Financial Services Authority (FSA) has been granted a permanent injunction preventing Treadstone Corporation Limited (Treadstone) from illegally promoting and selling shares to UK investors. Thedfred Lemont Shepherd, the sole director and o... |
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12th August 2008 FSA bans Doncaster mortgage broker for involvement in fraud The Financial Services Authority (FSA) has banned Doncaster mortgage broker Ian James for applying for a personal loan supported by a falsified payslip and for making a false claim to the bank overstating his income. His wife, Nicola James, has also ... |
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11th August 2008 FSA bans and fines mortgage broker GBP100,000 for mortgage fraud The Financial Services Authority (FSA) has banned a mortgage broker and fined him GBP100,000 for submitting false mortgage applications. Omotayo Fawole was an FSA approved person and sole controller of Oasis Mortgage and Financial Services Limited ... |
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8th August 2008 Investors to get money back from celebrity-endorsed betting syndicate Investors in 147 Racing Limited (147) and Top Bet Placement Services (TBPS), an unauthorised betting syndicate, will share GBP58,745.27 after the York Crown Court issued an order for monies to be recovered from Gary Woodward, a former director of 147... |
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7th August 2008 FSA announces change to RDR timetable The Financial Services Authority (FSA) today announced a change to the timetable for publishing feedback on the Retail Distribution Review (RDR) Discussion Paper. The full feedback statement will now be published in November. The RDR was set up to ... |
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5th August 2008 FSA reiterates call for firms to treat customers fairly in current market conditions The Financial Services Authority (FSA) has reiterated today its call for mortgage lenders to ensure they are treating customers fairly in the current market conditions as its latest review finds weaknesses in the way some lenders are handling arrears... |
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1st August 2008 FSA concludes HBOS rumours investigation On 19 March 2008, the Financial Services Authority (FSA) confirmed that it would be conducting an investigation into trading in HBOS following a sharp fall in its share price. The following statement outlines the background to the FSA investiga... |
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31st July 2008 FSA calls for the fair treatment of annuity customers A Financial Services Authority (FSA) review of the quality of annuity provider literature and alleged delays in the transfer of annuity funds found some good practice, but also that many firms must make improvements to ensure that pension customers a... |
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30th July 2008 Liverpool Victoria Banking Services to pay GBP840,000 fine plus compensation to PPI customers following FSA investigation The Financial Services Authority (FSA) has fined Liverpool Victoria Banking Services Limited (LVBS) GBP840,000 for serious failings in the sale of single premium Payment Protection Insurance (PPI). The penalty was imposed for failings in relation to ... |
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30th July 2008 FSA provides preliminary view of Aviva's proposed reattribution offer Following agreement between Aviva and the Policyholder Advocate, Clare Spottiswoode, the Financial Services Authority (FSA) has today given a preliminary assessment that Aviva's GBP1bn offer for the company's inherited estate is fair. The assessment ... |
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29th July 2008 Arrests made in major FSA insider dealing investigation The Financial Services Authority (FSA) today arrested eight individuals and executed search warrants across London and the South East in connection with a major ongoing investigation into insider dealing rings. This morning's operation involved 40 F... |
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28th July 2008 FSA fines Hastings GBP735,000 for not treating customers fairly The Financial Services Authority (FSA) has fined Hastings Insurance Services Ltd (Hastings) GBP735,000 for failing to treat its customers fairly in relation to cancelling around 4,550 incorrectly priced car insurance policies. During two separate pe... |
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28th July 2008 FSA appoints Jon Pain as Managing Director, Retail Markets The Financial Services Authority (FSA) today announced the appointment of Jon Pain as its new managing director of Retail Markets. He will also join the FSA Board, as will be announced by HM Treasury today. As Retail Markets managing director,... |
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25th July 2008 FSA to simplify guidance on investment disclosure The Financial Services Authority (FSA) has today confirmed it will further simplify how investment advisers can ensure they provide consumers with clear and simple information about costs and services. In February, the FSA proposed introducing a si... |
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24th July 2008 Insider dealing: Financial Services Authority prosecutes Mr Malcolm Calvert Mr Malcolm Calvert of Cobham, Surrey, date of birth 13 October 1944, today appeared at the City of Westminster Magistrates' Court, on charges of insider dealing contrary to section 52 of the Criminal Justice Act 1993. Mr Calvert has been char... |
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23rd July 2008 FSA fines PMSG Insurance Services Ltd GBP35,000 and withdraws approval for its compliance officer for mortgage advice breaches FSA/PN/076/200823 July 2008 The Financial Services Authority (FSA) has fined PMSG Insurance Services Ltd GBP35,000 for failing to ensure advice given to customers was suitable and for not organising its business responsibly and to properly manage ri... |
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23rd July 2008 FSA welcomes Government proposals on credit unions and announces plans to toughen regulatory policy The Financial Services Authority (FSA) today responded to legislative proposals by the Government designed to remove restrictions on the way credit unions in Great Britain will be able to operate in future. Paul Sharma, Director Wholesale and Prudent... |
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21st July 2008 FSA grants new waiver to firms on complaints handling The Financial Services Authority (FSA) today issued a new waiver from its complaints handling rules regarding unauthorised overdraft charges. The waiver replaces an existing one, which expires on 26 July 2008, and has been offered to those fi... |
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21st July 2008 FSA imposes public censure on Mandrake Associates and prohibits director for failings in mortgage endowment complaints handling The Financial Services Authority (FSA) has imposed a public censure on Mandrake Associates Limited (MAL) for serious failings in the way it handled mortgage endowment complaints. As a result, there was an enhanced risk that endowment mis-sellin... |
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21st July 2008 Financial Services Authority to consult on changes to the Disclosure and Transparency Rules The Financial Services Authority (FSA) will consult on a proposal that financial institutions in receipt of liquidity support from a central bank will have a legitimate interest for delaying the public disclosure of such support. Today's proposal is... |
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18th July 2008 FSA calls Money Guidance 'summit' The Financial Services Authority (FSA) is bringing together key people from Government, the financial services industry and voluntary organisations to take forward a large-scale pathfinder for Money Guidance, a service offering free, impartial inform... |
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16th July 2008 FSA bans mortgage partners for serious regulatory failures The Financial Services Authority (FSA) has banned two Wakefield mortgage brokers for failing to meet the standards expected of approved persons in terms of competence and capability. They failed to ensure adequate measures were in place to preve... |
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15th July 2008 FSA fines a mortgage firm GBP11,900 and bans adviser in relation to false mortgage applications The Financial Services Authority (FSA) has fined a Kilmarnock mortgage firm GBP11,900 for failing to adequately supervise an adviser, resulting in applications containing false and misleading information being submitted to lenders. The adviser, Ian ... |
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10th July 2008 Former broker banned and fined GBP16,000 for dishonesty and using high pressure sales tactics The Financial Services Authority (FSA) has banned Mr Baljit Somal (Mr Somal), a former broker at Square Mile Securities Limited, and fined him GBP16,000 for selling high risk shares to customers without their consent and using unacceptable sales tact... |
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9th July 2008 FSA bans and fines mortgage broker for serious regulatory failures The Financial Services Authority (FSA) has banned and fined North East based mortgage broker Robin Knox after finding he had exposed about 500 of his firm's customers to the risk of receiving unsuitable advice. Mr Knox, Managing Director of Mortgage... |
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8th July 2008 Companies urged to help protect shareholders from 'boiler room' scams FSA/PN/067/2008 08 July 2008 The Financial Services Authority (FSA) and the Institute of Chartered Secretaries and Administrators (ICSA) Registrars Group are urging UK listed companies to help protect their shareholders from boiler rooms by sendi... |
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7th July 2008 FSA bans and fines mortgage broker GBP129,000 for involvement in mortgage fraud The Financial Services Authority (FSA) has banned a mortgage broker and fined her GBP129,000 after finding she had been involved in numerous fraudulent mortgage applications. This is the first time the FSA has both banned and fined a mortgage br... |
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7th July 2008 New help for people managing money worries Action to give people more support to tackle their money concerns is being announced today by Yvette Cooper MP, Chief Secretary to the Treasury and Hector Sants CEO of Financial Services Authority (FSA). The Financial Capability Action Plan s... |
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2nd July 2008 Contracts for Difference Policy Update The Financial Services Authority (FSA) today publishes an update on disclosure for contracts for difference (CfDs). After receiving extensive feedback from a broad spectrum of interested parties on its November 2007 CfDs Consultation Paper, the FSA ... |
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1st July 2008 FSA fines IT professional GBP85,000 for market abuse The Financial Services Authority (FSA) has fined John Shevlin GBP85,000 for market abuse. John Shevlin was employed as an IT technician at the Body Shop International plc ("The Body Shop"). On 10 January 2006 he established a short posit... |
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30th June 2008 Firms urged to intensify efforts to meet December deadline to consistently treat customers fairly The Financial Services Authority (FSA) has today published its latest update on firms' progress towards the December deadline for demonstrating that they are consistently treating their customers fairly. The March interim deadline requi... |
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30th June 2008 FSA publishes Annual Report for 2007/08 The Financial Services Authority (FSA) today published its Annual Report for the year 2007/08. The report details how the FSA has delivered outcomes for both firms and consumers throughout the year under the three headings which cover all of the FSA... |
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26th June 2008 FSA bankrupts 'boiler room' accomplice The Financial Services Authority (FSA) has obtained a bankruptcy order against Mr Samuel Nathan Kahn ("Mr Kahn") who controlled the affairs of Chesteroak Limited ("Chesteroak") and Bingen Investments Limited ("Bingen"), two UK based companies that he... |
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23rd June 2008 FSA launches payment protection insurance comparison tables The Financial Services Authority (FSA) has launched free, impartial comparison tables for payment protection insurance (PPI) on its consumer website: http://www.fsa.gov.uk/tables The new tables are designed to help consumers who are thinking abou... |
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17th June 2008 Stockbroking firm fined GBP77,000 for weak data security controls FSA/PN/058/200817 June 2008 The Financial Services Authority (FSA) has fined Merchant Securities Group Limited (Merchant Securities) for not adequately protecting its customers from the risk of identity fraud. This is the first time the FSA ha... |
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13th June 2008 Financial Services Authority introduces disclosure regime for significant short positions in companies undertaking rights issues In current market conditions, there is increased potential for market abuse through short selling during rights issues. As a result, there has been severe volatility in the shares of companies conducting rights issues. This is potentially... |
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12th June 2008 Woolworths fined GBP350,000 for Disclosure Rule and Listing Principle breaches The Financial Services Authority (FSA) has fined Woolworths Group plc (Woolworths) GBP350,000 for failing to disclose information to the market in a timely manner. On 20 December 2005, Woolworths became aware of a variation to the terms of a major s... |
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10th June 2008 FSA fines Chepstow mortgage broker for failures relating to self certification mortgages The Financial Services Authority (FSA) has fined Andrew Jeffreys (trading as Chepstow Financial Services) GBP10,500 for failures in the sales process he used for self certification mortgages. Mr Jeffreys relied too heavily on customers' declarations... |
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5th June 2008 Update on the thematic review of controls over inside information The Financial Services Authority (FSA) today publishes Market Watch 27, an update of the thematic review of controls over inside information, following the publication of Market Watch 21 in July last year. The update includes a set of Principles of ... |
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4th June 2008 Three senior advisors from industry join FSA The Financial Services Authority (FSA) today announced the appointment of three new senior advisors with substantial market experience. Jeremy Bennett, David Smith and Simon Stockwell will join the wholesale and institutional business unit with... |
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4th June 2008 FSA seeks to close down UK's largest illegal 'landbanking' scheme The Financial Services Authority (FSA) has asked the High Court to wind up the UK's largest 'landbanking' company, UKLI Limited (UKLI), for operating as an illegal 'collective investment scheme' (CIS) and denying its investors protection for their mo... |
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3rd June 2008 FSA launches 'can do' money website inspired by young adults for young adults The Financial Services Authority (FSA) has today launched a new website designed to be a one-stop-money-information-shop for young adults and forms part of the watchdog's National Strategy for Financial Capability. With FSA research showing that mor... |
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3rd June 2008 FSA consults on change to with-profits rules FSA/PN/051/20083 June 2008 The Financial Services Authority (FSA) has today published a consultation paper (CP) which proposes that insurance companies will no longer be permitted to charge compensation for mis-selling to the inherited estates... |
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2nd June 2008 FSA publishes final regulatory fees and levies for 2008/09 The Financial Services Authority (FSA) has published the final FSA fee rates and Financial Ombudsman Services (FOS) levies for 2008/09. The FSA has finalised fee rates for 2008/09 that, for most firms, are the same level as those consulted on in Feb... |
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30th May 2008 Financial Services Compensation Scheme Board appointments The Financial Services Authority (FSA) has reappointed three non-executive directors to the Board of the Financial Services Compensation Scheme (FSCS) with effect from 1 June 2008. They were appointed to the FSCS Board on 1 June 2005. They are... |
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29th May 2008 New FSA travel insurance regulation will protect consumers The Financial Services Authority (FSA) today published a Policy Statement setting out the final rules for regulating travel insurance sold alongside a holiday - known as Connected Travel Insurance (CTI). This is mainly sold by travel firms and ... |
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27th May 2008 FSA launches debate on increasing transparency in regulation FSA/PN/046/200827 May 2008 The Financial Services Authority (FSA) has today published a discussion paper which explores the creation of a framework for determining what further information the regulator might publish about firms and industry sectors... |
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27th May 2008 FSA publishes industry feedback on liquidity requirements FSA/PN/046/200827 May 2008 The Financial Services Authority (FSA) has today published feedback to its Discussion Paper (DP) on liquidity requirements for banks and building societies. The DP looked at ways that liquidity policy should develop a... |
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23rd May 2008 New Financial Services Consumer Panel Chairman appointed The Financial Services Authority (FSA) today announced that Lord Lipsey is taking over as Chairman of the Financial Services Consumer Panel. David Lipsey is an active member of the House of Lords, who has a background in journalism, financial s... |
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22nd May 2008 Mortgage broker censured for financial promotions and sales-related failings The Financial Services Authority (FSA) has today publicly censured Mortgageland Limited (Mortgageland) for poor financial promotions, inadequate sales processes and record-keeping failings. The FSA visited London-based Mortgageland and found that th... |
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22nd May 2008 FSA fines three mortgage brokers for poor mortgage sales procedures The Financial Services Authority (FSA) has fined three mortgage brokers for inadequate sales procedures which meant they could not demonstrate that they had recommended affordable mortgage contracts that met their clients' needs. The FSA has fined ... |
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21st May 2008 FSA fines insurance firm GBP640,000 for call centre failings The Financial Services Authority (FSA) has fined UNAT DIRECT Insurance Management Limited (UNAT) GBP640,000 for failings relating to a lack of effective control and oversight over its appointment of call centres. UNAT - an indirect, wholly-owned sub... |
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15th May 2008 FSA fines Thinc Group GBP900,000 for sub-prime record keeping failings The Financial Services Authority (FSA) has fined Thinc Group Limited and two of its group companies (the firm) GBP900,000 for not having adequate risk management and compliance systems for its sub prime mortgage business and for failing to take reaso... |
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12th May 2008 FSA fines Land of Leather and its Chief Executive for PPI failings The Financial Services Authority (FSA) has fined furniture retailer Land of Leather Limited (the firm) GBP210,000 for allowing its sales force to sell Payment Protection Insurance (PPI) on loans without effective monitoring or training in place to en... |
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8th May 2008 FSA calls for all insurance comparison websites to provide consumers with clear, fair and not misleading information A Financial Services Authority (FSA) assessment of the insurance comparison website market has found evidence of both good and bad practice, but the regulator is looking for all websites to ensure that users are treated fairly. In a review of... |
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7th May 2008 Hector Sants speaks at the Building Societies Association Annual Conference Financial Services Authority (FSA) Chief Executive Hector Sants acknowledged the important role of mutual building societies in the financial system in a speech to the Building Societies Association Annual Conference in Manchester this morning. "Mut... |
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29th April 2008 FSA publishes Market Watch 26 The Financial Services Authority (FSA) today published Market Watch 26, which focuses on market conduct and transaction monitoring issues. Market Watch 26 is a general review of the FSA's strategy to tackle market abuse, in particular insider dealin... |
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29th April 2008 FSA publishes an RDR Interim Report and feedback on the review of personal investment firms' prudential requirements FSA/PN/035/200829 April 2008 The Financial Services Authority (FSA) published an interim report today setting out the current thinking on the Retail Distribution Review (RDR) following a six-month consultation with the market. Feedback to the... |
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24th April 2008 Do more to protect customers' personal details, warns FSA The Financial Services Authority (FSA) is urging firms to change their attitude to data security and do more to help prevent their customers falling victim to identity fraud and other types of financial crime. The warning follows an FSA review of s... |
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23rd April 2008 Naguib Kheraj to advise FSA FSA/PN/033/200823 April 2008 The Financial Services Authority (FSA) today announced the appointment of Naguib Kheraj as Senior Advisor to the Supervisory Enhancement Programme, reporting directly to Hector Sants, Chief Executive of the FSA. K... |
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9th April 2008 Third party administrator fined GBP525,000 for customer document failings The Financial Services Authority (FSA) has fined third party administration firm Liberata Financial Services Limited (Liberata) GBP 525,000 for failures in its systems and controls for producing and issuing documents to life and pensions policyholder... |
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2nd April 2008 FSA fines stockbroker GBP122,500 for poor sales practices The Financial Services Authority (FSA) has fined Mansion House Securities Limited (Mansion House) GBP122,500 for giving customers unsuitable and inaccurate advice when selling higher risk shares. The FSA reviewed 30 recommendations relating to highe... |
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31st March 2008 FSA confirms principles-based approach to platforms The Financial Services Authority (FSA) has today published feedback to its Discussion Paper on platforms, published in June 2007, which confirms its commitment to the current, principles-based approach to platforms. In the Discussion Paper, the FSA... |
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31st March 2008 Mortgage review findings will help shape future of FSA regime The Financial Services Authority (FSA) today published the findings of the second stage of its Mortgage Effectiveness Review, which focused on consumer experiences in the sub-prime and lifetime mortgage sectors of the market. Dan Waters, Director o... |
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26th March 2008 FSA moves to enhance supervision in wake of Northern Rock The Financial Services Authority (FSA) today published a summary of a review carried out by its internal audit division into its supervision of Northern Rock. The review identifies a number of areas for improvement in the execution of supervision, wh... |
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20th March 2008 FSA publishes discussion paper on information transparency in the commercial insurance market The Financial Services Authority (FSA) has today published a discussion paper (DP) that looks at intermediary commission disclosure and wider issues of transparency in the commercial insurance market. In December 2007 the FSA published an independe... |
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19th March 2008 Management changes at the FSA Hector Sants, Chief Executive of the Financial Services Authority (FSA), announced a series of management changes today. In a note to FSA staff, he said: "It is with regret I announce that Clive Briault is leaving the FSA by mutual agreement at th... |
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19th March 2008 FSA fines firm for inadequate capital and for providing misleading information The Financial Services Authority (FSA) has fined Blake Independent Financial Services Limited (BIFS), of Barnsley, South Yorkshire, GBP31,500 for failing to maintain adequate capital and for providing misleading financial information to the FSA. FS... |
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19th March 2008 FSA warns on market abuse The Financial Services Authority today confirmed that it is investigating trading in UK financial shares in recent days. Sally Dewar, managing director, wholesale and institutional markets, said: "There has been a series of completely unfounded rum... |
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14th March 2008 FSA suspends registration of Ethnic Mutual Ltd The Financial Services Authority (FSA) has suspended for three months from 14 March 2008 the registration of Ethnic Mutual Ltd, an exempt charity registered by it as an Industrial and Provident Society. The FSA has issued a warning on its Moneymadec... |
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11th March 2008 FSA publishes commentary on systems and controls, in light of the Societe Generale 'rogue trader' The Financial Services Authority (FSA) today published Market Watch 25, which focuses on firms' reviews of their systems and controls in light of the Societe Generale (SG) 'rogue trader' incident. Since SG's announcement on January 24 2008, FSA sup... |
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10th March 2008 FSA appoints two new Directors The Financial Services Authority (FSA) has today announced the appointment of Colin Lawrence as Director of its newly created Prudential Risk division, and Paul Sharma as Director of Wholesale and Prudential Policy. The appointments will take effect ... |
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6th March 2008 FSA launches consultation on the sponsor regime The Financial Services Authority (FSA) today published a consultation paper on amendments to the sponsor regime for Listed companies. Companies with Primary Listed equity securities or new applicants seeking a Primary Listing of their equity securit... |
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6th March 2008 FSA helps investors get GBP1million back from boiler rooms The Financial Services Authority (FSA) has helped 153 investors to get back over GBP1m, after they were illegally sold shares by unauthorised, overseas investment firms also known as boiler rooms. As part of its continuing work in this area, the FS... |
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3rd March 2008 FSA publishes new rules on telephone recording The Financial Services Authority (FSA) today published new rules requiring firms to record telephone conversations and other electronic communications to help deter and detect market abuse in the UK. From March 2009, firms will have to record all t... |
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3rd March 2008 FSA campaign to help homeowners worried about meeting their mortgage repayments New figures published by the Financial Services Authority (FSA) today show that one in five mortgage holders are concerned about meeting their repayments in the next 12 months. When asked how they would meet these costs, a quarter of them said they h... |
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3rd March 2008 FSA to lead 'pathfinder project' delivering a national money guidance service The Financial Services Authority (FSA) welcomes the Thoresen Report published today, and the announcement from HM Treasury that the FSA will lead a two-year pilot project to test delivery of the UK's first national money guidance service. The Thores... |
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27th February 2008 Hector Sants underlines commitment to risk-based regulation Hector Sants, Chief Executive of the Financial Services Authority (FSA), told an industry audience today that recent market turbulence and the problems at Northern Rock would not deflect the FSA from its commitment to more principles based regulation... |
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26th February 2008 FSA appoints Alexander Justham as Director of Markets The Financial Services Authority (FSA) today announced the appointment of Alexander Justham as its new Director of Markets. He succeeds Sally Dewar who became Managing Director of Wholesale and Institutional Markets in January this year. Justham is c... |
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22nd February 2008 Further progress on access for retail customers to alternative investments The Financial Services Authority (FSA) today set out further progress on allowing UK retail consumers to invest in funds of hedge funds and other alternative investments authorised in the UK. A Consultation Paper confirms the policy of introducing ... |
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19th February 2008 FSA proposes further simplification of investment advice disclosure The Financial Services Authority (FSA) has today published a Consultation Paper containing proposals which aim to further help investment advisers provide consumers with clear and simple information about services and costs. The FSA's new regime fo... |
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13th February 2008 'Fake' Stockbroker sentenced to 15 months. An unauthorised stockbroker, Mr William Anthony 'Robin' Radclyffe, of Salisbury, was sentenced on Monday 11 February, at the Central Criminal Court, London, to 15 months imprisonment for offences of dishonesty including theft. The sentencing follows... |
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11th February 2008 FSA bans broker and fines him GBP21,000 for dishonesty and misleading customers The Financial Services Authority (FSA) has banned Mr Mohammed Suba Miah (Mr Miah), a former broker at Square Mile Securities Limited, and fined him GBP21,000 for selling high risk shares to customers without their consent and deliberately misleading ... |
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6th February 2008 Financial Services Authority publishes its 2008/9 Business Plan The Financial Services Authority (FSA) today published its Business Plan for 2008/9. The plan sets out the FSA's programme of work for the year ahead to address the risks highlighted by the Financial Risk Outlook, published last week (29 January). T... |
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29th January 2008 FSA publishes its 2008 Financial Risk Outlook The Financial Services Authority (FSA) today published its Financial Risk Outlook (FRO) warning firms and consumers of the risks inherent in a significantly less benign economic environment. Its central scenario identifies the following five priority... |
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22nd January 2008 Insider Dealing: Two appear at City of London Magistrates' Court Former General Counsel of TTP Communications Christopher McQuoid of Royston, Hertfordshire, date of birth 13 May 1968 and James William Melbourne of Ripley, Derbyshire, date of birth 9 September 1933 today appeared at City of London Magistrates' Cour... |
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22nd January 2008 FSA's enhanced strategy for small firms begins The Financial Services Authority's (FSA) enhanced strategy for small firms will kick off in Northern Ireland in March with the first of a rolling programme of assessments that will cover 11,300 retail intermediaries in the next three years. The new ... |
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21st January 2008 Northern Rock HM Treasury, on behalf of the Tripartite Authorities, today announces a new financing structure that could be made available to Northern Rock and other interested parties, for a possible private sector solution for the entire company. This new financ... |
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16th January 2008 FSA fines HFC Bank GBP1.085 million for PPI failings The Financial Services Authority (FSA) has fined HFC Bank Ltd (HFC) GBP1,085,000 for failing to take reasonable care to ensure that the advice it gave customers to buy Payment Protection Insurance (PPI) was suitable, and for failing to have adequate ... |
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14th January 2008 FSA publishes a review of the structure of the Listing Regime The Financial Services Authority (FSA) has today published a Discussion Paper reviewing the structure of the UK Listing Regime. The paper discusses ways to re-label the Primary and Secondary listing segments to help participants in the markets unders... |
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14th January 2008 FSA fines stockbroker GBP250,000 for using high pressure sales tactics The Financial Services Authority (FSA) has today fined Square Mile Securities Limited (Square Mile) GBP250,000 for persistently using high pressure sales tactics and misleading information to sell customers shares they did not want or could not affor... |
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10th January 2008 FSA appoints Sally Dewar as Managing Director, Wholesale The Financial Services Authority (FSA) today announced the appointment of Sally Dewar as its new managing director of wholesale. She succeeds Hector Sants who became chief executive in July last year. Sally is currently the director of markets at the... |
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28th December 2007 FSA survey finds people too scared to open their post-Christmas bills New figures published today by the Financial Services Authority (FSA) show that 48% of people are more likely to go on a diet or book a holiday than try and sort out their finances in January (13%); while just under a quarter (24%) of 16 to 44-year-o... |
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19th December 2007 FSA publishes a review of the liquidity requirements for banks and building societies The Financial Services Authority (FSA) has today published a Discussion Paper (DP) reviewing liquidity requirements for banks and building societies. The paper draws some early lessons from recent market turbulence, suggests how future liquidity poli... |
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19th December 2007 FSA imposes a public censure on PB Roberts Limited The Financial Services Authority (FSA) has today published a public censure in respect of PB Roberts Ltd, a Liverpool-based mortgage broker, for poor record keeping and publishing unclear advertising material. FSA investigations found that PB Robert... |
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18th December 2007 New FSA travel insurance regime will protect consumers The Financial Services Authority (FSA) today published a Consultation Paper setting out its detailed plans for regulating travel insurance sold alongside a holiday - known as Connected Travel Insurance (CTI) - which is mainly sold by travel firm... |
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18th December 2007 FSA cuts back on detailed insurance selling rules but tightens up where customers are not being treated fairly The Financial Services Authority (FSA) today published its new Insurance Conduct of Business sourcebook (ICOBS) which sets out the standards and requirements for general insurance firms on how they deal with their customers. Dan Waters, FSA Directo... |
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17th December 2007 FSA fines Norwich Union Life GBP1.26m for exposing its customers to the risk of fraud The Financial Services Authority (FSA) has fined Norwich Union Life GBP1.26 million for not having effective systems and controls in place to protect customers' confidential information and manage its financial crime risks. These failings resulted in... |
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17th December 2007 FSA bans pet insurance broker The Financial Services Authority (FSA) has today banned David Holland, sole director of Flett Sinclair Insurance Brokers Limited (FSIB) and Petsure Limited, for misusing customers' assets. This is the first time the FSA has taken action against a pet... |
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14th December 2007 FSA bans four individuals for dishonest behaviour in the reinsurance market The Financial Services Authority (FSA) has prohibited John Hubert Whitcombe, Jeffrey Ronald Butler, Nicholas Brown and Christopher Reginald Colin Henton for their dishonest involvement in reinsurance business that funnelled very significant losses in... |
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14th December 2007 FSA and CONSOB sign regulatory cooperation agreement Following the merger, on 1 October 2007, of the London Stock Exchange Group plc and Borsa Italiana SpA (Borsa Italiana), the Financial Services Authority (FSA) and Commissione Nazionale per le Societa e la Borsa (CONSOB) have signed a Memorandum of U... |
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14th December 2007 FSA bans former Chief Executive of Insurance broker The Financial Services Authority (FSA) has today banned James Richardson, former Chief Executive Officer of Insure & Go Insurance Services Limited (Insure & Go), for attempting to mislead the FSA and for not being candid in his dealings with ... |
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10th December 2007 FSA announces further work on commission disclosure and the commercial insurance market The Financial Services Authority (FSA) today announced a further programme of work to consider possible inefficiencies in the commercial general insurance market before taking a decision on whether to mandate commission disclosure. This follows an in... |
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4th December 2007 FSA announces RDR timetable The Financial Services Authority (FSA) today announced a change to the timetable for publishing feedback on the Retail Distribution Review (RDR) Discussion Paper. An interim paper will be delivered ahead of schedule in April 2008, with full implement... |
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4th December 2007 FSA calls on lenders to protect themselves against a possible worsening of liquidity and credit risks The Financial Services Authority (FSA) today urged lenders to protect themselves against a possible worsening of liquidity and credit risks. Clive Briault, FSA Retail Managing Director, told the Council of Mortgage Lenders Annual Conference: "The... |
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3rd December 2007 Firms must do more to ensure their Appointed Representatives treat customers fairly A review by the Financial Services Authority (FSA) has found that firms are not doing enough to ensure that their Appointed Representatives (ARs) are treating customers fairly in the sale of general insurance, mortgage and investment products. As a ... |
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28th November 2007 FS |