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6th February 2012 Delivering a twin peaks regulatory model within the FSA In a speech to the British Bankers' Association, Hector Sants, chief executive of the FSA, gave an update on the progress of the regulatory reform programme. He announced a major milestone in the regulatory reform programme, namely the introduction o... |
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3rd February 2012 FSA review into sale and rent back finds widespread poor practice and sees market temporarily closed The Financial Services Authority (FSA) has today published a report that shows most sale and rent back (SRB) transactions were either unaffordable or unsuitable and never should have been sold. Following a review of all regulated SRB firms, the FSA ... |
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2nd February 2012 FSA announces annual funding requirement for 2012/13 The Financial Services Authority (FSA) has today announced its proposed Annual Funding Requirement (AFR) for 2012/13. This is likely to be the FSA's final AFR before it splits into the Prudential Regulation Authority (PRA) and the Financial Conduct A... |
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31st January 2012 FSA bans and fines former JC Flowers UK CEO Ravi Sinha GBP2.86m for fraudulent invoicing scheme The Financial Services Authority (FSA) has today fined Ravi Shankar Sinha GBP2.867 million for fraudulently obtaining GBP1.367 million for himself from a company owned by a private equity fund advised by JC Flowers by means of a fictitious invoicing ... |
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30th January 2012 FSA announces a new investment banking senior advisor The Financial Services Authority (FSA) today announced the appointment of Will Samuel to the role of investment banking senior advisor. Will, who will take up the role from 30 January, has more than 35 years experience in investment banking, most re... |
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27th January 2012 Former compliance officer at Greenlight Capital and JP Morgan Cazenove trader fined The Financial Services Authority (FSA) has fined Alexander Ten-Holter, trader and former compliance officer at Greenlight Capital (UK) LLP (Greenlight) GBP130,000 for failing to question and make reasonable enquiries before selling Greenlight's share... |
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26th January 2012 FSA consults on changes to the Listing Rules The Financial Services Authority (FSA) has today proposed a number of changes to the Listing Rules that set out the requirements for companies listed in the UK. The changes are updates to the rules to take account of market developments. The Listing ... |
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25th January 2012 New orthodoxy for conduct regulation - fair deal for consumers Martin Wheatley, managing director of the Financial Services Authority (FSA), today outlined a new orthodoxy and regulatory approach for the future of conduct regulation - getting a fair deal for consumers. With just over a year to go before th... |
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25th January 2012 David Einhorn and Greenlight Capital Inc fined GBP7.2m for trading on inside information in Punch Taverns Plc. The Financial Services Authority (FSA) has decided to fine David Einhorn, owner of the prominent US hedge fund Greenlight Capital Inc (Greenlight), and his fund GBP7.2 million for engaging in market abuse in relation to an anticipated significant equ... |
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18th January 2012 FSA imposes GBP2.17 million fine for failure by Direct Line and Churchill to conduct their businesses with due skill, care and diligence The Financial Services Authority (FSA) has imposed a fine of GBP2,170,000 for failings by Direct Line Insurance Plc (Direct Line) and Churchill Insurance Company Limited (Churchill) to prevent files that the FSA had requested from being improperly al... |
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11th January 2012 Richard Joseph charged with insider dealing The Financial Services Authority (FSA) has charged Richard Anthony Joseph, with eight counts of insider dealing and two counts of money laundering. Joseph, who is 42 years of age attended City of London Magistrates Court today (Wednesday 11th Januar... |
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9th January 2012 FSA appoints new Board Chairman for Financial Services Compensation Scheme The Financial Services Authority (FSA) today announced the appointment of Lawrence Churchill CBE as the new Chairman of the Board of the Financial Services Compensation Scheme (FSCS) for three years. He will take up his appointment on 1 April 2012, s... |
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21st December 2011 FSA secures interim injunctions and freezing orders to protect consumers from unauthorised land banking firms On Tuesday, 20 December 2011, the Financial Services Authority (FSA) secured interim injunctions and freezing orders from the High Court against amongst others St Clair Estates Limited, OFG Investments Limited, Option Land UK Limited, and GIG Propert... |
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19th December 2011 FSA puts common sense at the heart of mortgage lending The Financial Services Authority (FSA) today announced plans to prevent a return of the risky mortgage lending seen in boom times, by ensuring that common sense standards continue to apply in future. The Mortgage Market Review aims to prevent a recu... |
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19th December 2011 FSA fines Combined Insurance Company of America GBP2.8 million for putting its customers at risk of being treated unfairly The Financial Services Authority (FSA) has today fined Combined Insurance Company of America (CICA) GBP2.8 million for failing to embed fully a culture that ensured its customers were treated fairly. CICA has agreed to carry out a review of past busi... |
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16th December 2011 FSA bans and fines former UBS adviser GBP150,000 for not being fit and proper The Financial Services Authority (FSA) has today banned and fined Jaspreet Singh Ahuja, a former client adviser at UBS AG (UBS), GBP150,000 for failing to act with integrity, in breach of Principle 1 of its Statements of Principles and Code of Conduc... |
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15th December 2011 Management consultant found guilty of insider dealing and sentenced to two years In a case brought by the Financial Services Authority (FSA), Rupinder Sidhu, a management consultant, was today found guilty of 22 counts of insider dealing at Southwark Crown Court and sentenced to two years imprisonment. Sidhu was found not guilty ... |
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15th December 2011 FSA obtains another High Court decision to protect consumers from unauthorised land banking firms On Friday, 9 December 2011, the Financial Services Authority (FSA) secured a summary judgment* in the High Court against Cityshore Commodities Limited (Cityshore) and its director Aaron Walker. The judgment confirmed that Cityshore sold land illega... |
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14th December 2011 FSA moves to raise consumer awareness of deposit protection The Financial Services Authority (FSA) is planning to make it obligatory for all banks, building societies and credit unions in the UK to prominently display how much compensation savers could claim in the event of an institution failing and where fr... |
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13th December 2011 FSA appoints John Spence as non-executive director of the Money Advice Service The Financial Services Authority (FSA) has appointed John Spence as a non-executive director to Board of the Money Advice Service with effect from 2 January 2012. John brings significant experience from the banking sector. He is currently Finance Ch... |
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12th December 2011 FSA Board publishes report into the failure of the Royal Bank of Scotland The Financial Services Authority (FSA) has published its Board's Report into 'The failure of the Royal Bank of Scotland' (RBS). The Report concludes that RBS's failure amid the systemic crisis ultimately resulted from poor decisions made by the RBS ... |
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9th December 2011 FSA publishes the policy statement on the review of the covered bond regime The Financial Services Authority (FSA) has published changes to its regulatory framework for UK regulated covered bonds. Changes to the RCB Regulations were published on 29 November 2011 by HM Treasury. The changes to the regime are designed to inc... |
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9th December 2011 FSA and HM Treasury confirm rules on the transfer of regulatory responsibility for credit unions in Northern Ireland The Financial Services Authority (FSA) and HM Treasury (HMT) have today jointly announced that Northern Ireland’s credit union customers will have their deposits protected to the value of GBP85,000. The change will come into effect on 31 March 20... |
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8th December 2011 FSA fines Integrated Financial Arrangements plc GBP3.5m for client money breaches The Financial Services Authority (FSA) has fined Integrated Financial Arrangements plc (Integrated Financial) for failings in relation to its protection of client money. Integrated Financial offers one of the UK's largest wrap platforms, Transact. U... |
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7th December 2011 FSA sets out its expectations of non-executive directors in managing risks to retail customers The Financial Services Authority (FSA) has today issued a consultation on guidance for non-executive directors (NEDs). Its aim is to assist NEDs understand their role in ensuring customers are treated fairly within their firms. The FSA ... |
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5th December 2011 FSA fines HSBC GBP10.5million for mis-selling products to elderly customers The Financial Services Authority (FSA) has issued its largest ever retail fine of GBP10.5 million to HSBC because of inappropriate investment advice provided by one of its subsidiaries, NHFA Limited (NHFA) to elderly customers. HSBC estimates that th... |
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2nd December 2011 FSA appoints Paul Stockton as non-executive director of the FSCS The Financial Services Authority (FSA) has appointed Paul Stockton as non-executive director to the Board of the Financial Services Compensation Scheme (FSCS) with effect from 1 December 2011. Paul is currently Group Finance Director at Rathbo... |
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29th November 2011 Court of Appeal upholds High Court decision to wind up firms offering satellite warranties, following FSA intervention The Court of Appeal today dismissed appeals by Digital Satellite Warranty Cover Limited (DSWC), and Bernard Freeman and Michael Sullivan, trading as Satellite Services (Satellite). The Financial Services Authority (FSA) had previously secured windi... |
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28th November 2011 FSA warns against 'toxic' traded life policy investments The Financial Services Authority (FSA) has issued guidance to warn that traded life policy investments (TLPIs) are high risk, toxic products that are generally unsuitable for the majority of UK retail investors and should therefore not be promoted to... |
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23rd November 2011 FSA appoints Sir Nicholas Montagu as chairman of the Financial Ombudsman Service The Financial Services Authority (FSA) has today announced the appointment of Sir Nicholas Montagu KCB as the new chairman of the Financial Ombudsman Service (FOS). The service settles complaints between consumers and businesses providing financial s... |
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23rd November 2011 Two arrests made in FSA investigation into unauthorised financial advisors The Financial Services Authority (FSA) today took action against two individuals suspected of providing financial advice when not authorised to do so and making misleading statements to investors. With the assistance of the West Midlands Police, the... |
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22nd November 2011 FSA fines and bans hedge fund Compliance officer GBP14,000 for failing to act with due skill, care and diligence The Financial Services Authority (FSA) has fined Dr Sandradee Joseph GBP14,000 and banned her from performing any significant influence function in regulated financial services for breaching Principle 6 of the FSA's Statements of Principle for Approv... |
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17th November 2011 FSA bans broker for insurance fraud and fines him GBP195,117 The Financial Services Authority (FSA) has fined John Folan GBP195,117 for insurance fraud and prohibited him from carrying on regulated financial services. The penalty is made up of a GBP70,000 fine and the disgorgement of GBP125,117 which Folan obt... |
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16th November 2011 Arrests made in FSA land banking investigation The Financial Services Authority (FSA) today took action against five individuals suspected of involvement in land banking by way of an unauthorised collective investment scheme. With the assistance of the City of London Police, the FSA executed sea... |
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15th November 2011 FSA fines McInroy & Wood Limited for client money breaches The Financial Services Authority (FSA) has fined McInroy & Wood Limited (MWL), a discretionary investment management firm based in East Lothian, GBP15,050 for breaching the FSA's client money rules. Under the FSA's client money rules, firms are... |
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9th November 2011 FSA proposes rules to protect unit-linked policyholders The Financial Services Authority (FSA) has today proposed rules to maintain protection of policyholders with unit linked and index-linked life insurance products while taking account of new European requirements for insurers. Unit-linked policies ar... |
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9th November 2011 FSA fines Dubai based investor US$ 9.6 million for market abuse The Financial Services Authority (FSA) has fined Rameshkumar Goenka, a Dubai based private investor, $9,621,240 (approximately GBP6 million) for manipulating the closing price of Reliance Industries (Reliance) securities on the London Stock Exchange ... |
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8th November 2011 Coutts fined GBP6.3m for failings relating to its sale of an AIG fund The Financial Services Authority (FSA) has fined Coutts & Company (Coutts) GBP6.3m for failings in connection with the sale of an AIG fund (the Fund). Coutts has also agreed to carry out a past business review, overseen by an independent third p... |
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4th November 2011 FSA appoints new communications director The Financial Services Authority (FSA) has appointed Zitah McMillan as its new communications director. Zitah joins from the Department for Work and Pensions, the DWP, where she has been Acting Director of Communications. Previously she... |
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2nd November 2011 FSA publishes review of firms' structured product design processes and proposes new guidance on retail product development The Financial Services Authority (FSA) has today introduced further guidance for firms when developing new structured products which they want to market to consumers. The FSA assessed seven major providers of structured products, responsible for app... |
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1st November 2011 FSA and OFT publish draft guidance on payment protection products The Financial Services Authority (FSA) and the Office of Fair Trading (OFT) have joined forces to help prevent the problems associated with payment protection insurance (PPI) recurring in a new generation of products. The FSA and the OFT are consult... |
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31st October 2011 MF Global UK enters Special Administration Regime The Financial Services Authority (FSA) confirms that MF Global UK Limited (MF Global UK) has entered the Special Administration Regime (SAR) and Richard Fleming, Richard Heis and Mike Pink of KPMG LLP have been appointed as joint special administrato... |
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27th October 2011 FSA increases customer protection in packaged account market The Financial Services Authority (FSA) has proposed new rules to make sure banks and building societies check customers are eligible to claim on insurance cover before selling them a packaged bank account. Packaged accounts are current accounts bun... |
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25th October 2011 FSA fines Credit Suisse UK GBP5.95 million for systems and control failings The Financial Services Authority (FSA) has fined Credit Suisse (UK) Limited (Credit Suisse UK) GBP5.95 million for systems and controls failings in relation to sales by its private bank of structured capital at risk products (SCARPs). SCARPs ... |
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20th October 2011 The Mansion House City Banquet speech In a speech at the Mansion House tonight, the chairman of the Financial Services Authority (FSA), Lord Turner, said that the reform of the regulatory structure in the UK would help ensure better results than in the past, but also highlighted remainin... |
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14th October 2011 FSA and SEC host roundtable discussion on market structures Martin Wheatley a Financial Services Authority (FSA) Managing Director and US Securities and Exchange Commission (SEC) Chairman Mary L Schapiro today jointly hosted a roundtable discussion in London with global regulators on market structures. The ... |
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13th October 2011 FSA and SEC hold Strategic Dialogue Meeting Financial Services Authority (FSA) chief executive Hector Sants today met with US Securities and Exchange Commission (SEC) chairman Mary L Schapiro as part of the SEC-FSA Strategic Dialogue sessions established in 2006. The purpose of the Dialogue ... |
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30th September 2011 Credit creation and social optimality - a speech by Lord Turner Ensuring greater financial stability may require policy makers to make judgements about the right level of credit in the economy, and about the relative value of different categories of credit created by the banking system, said Adair Turner, chairma... |
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29th September 2011 FSA fines Towry Investment Management Ltd GBP494,900 for providing incorrect information to the FSA and client money failures The Financial Services Authority (FSA) has fined Towry Investment Management Limited (Towry) GBP494,900 for providing misleading information to the FSA and for client money breaches. The FSA set out its rules on how firms need to treat client money ... |
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23rd September 2011 FSA confirms Norwich & Peterborough Building Society merger with the Yorkshire Building Society The Financial Services Authority (FSA) today announced that it has confirmed the proposed transfer of the engagements of the Norwich & Peterborough Building Society to the Yorkshire Building Society. Copies of the FSA's written decision are ava... |
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8th September 2011 Swift 1st Limited fined over mortgage arrears failings and will pay an estimated GBP2.35 million in customer redress The Financial Services Authority (FSA) has today fined Essex based mortgage lender Swift 1st Limited (Swift) GBP630,000 for unfair treatment of some customers facing mortgage arrears. The firm has also agreed to carry out a programme to provide red... |
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2nd September 2011 Tribunal directs FSA to publicly censure trader for market abuse The Upper Tribunal (Tax and Chancery Chamber) has issued its decision in the case of Jason Geddis, who referred a Decision Notice issued by the Financial Services Authority (FSA) on 11 June 2010. The Tribunal determined that Mr Geddis committed marke... |
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1st September 2011 FSA obtains High Court injunction to stop market manipulation The Financial Services Authority (FSA) has obtained an interim High Court injunction preventing a number of companies and individuals from manipulating the market in UK-listed shares. The injunction also freezes the assets of the companies. The FSA ... |
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31st August 2011 FSA decides to fine firm GBP8m for market abuse The Financial Services Authority (FSA) has today published a decision notice for Swift Trade Inc (Swift Trade) indicating that it has decided to fine Swift Trade GBP8m for market abuse. Swift Trade has referred the matter to the Upper Tribunal (the... |
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31st August 2011 FSA and HM Treasury publish joint consultation paper on the transfer of regulatory responsibility for credit unions in Northern Ireland The Financial Services Authority (FSA) and HM Treasury (HMT) have today published a joint consultation paper setting out proposals for the transfer of the regulation of Northern Ireland (NI) credit unions from the NI Department of Enterprise, Trade a... |
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30th August 2011 FSA publishes amount of redress paid to PPI complainants in first half of 2011 The Financial Services Authority (FSA) today published details of the amount of redress paid by firms during the first six months of 2011 to consumers who have complained about the way they were sold payment protection insurance (PPI). The data show... |
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22nd August 2011 Three sentenced to jail for operating GBP27.5m boiler room scam Three men were sentenced today at Southwark Crown Court to a total of 19 years in jail for boiler room fraud, following a long running and detailed investigation by the Financial Services Authority (FSA), City of London Police (CoLP) and Eurojust. Th... |
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16th August 2011 FSA fines Sir Ken Morrison GBP210,000 for Disclosure and Transparency Rules failings The Financial Services Authority (FSA) has today fined Sir Ken Morrison GBP210,000 for breaching the Disclosure and Transparency Rules (DTR) by failing to disclose his reduced shareholding and voting rights in Wm Morrison Supermarkets Plc (Wm Morriso... |
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15th August 2011 Tribunal upholds FSA decision to ban and fine hedge fund CEO and CFO GBP2.1m for deceiving investors and market abuse The Upper Tribunal (Tax and Chancery Chamber) has directed the Financial Services Authority (FSA) to fine Michiel Weiger Visser GBP2 million and Oluwole Modupe Fagbulu GBP100,000 and ban them both from performing any role in regulated financial servi... |
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9th August 2011 FSA publishes Recovery and Resolution Plans consultation The Financial Services Authority (FSA) has today published a Consultation Paper (CP) and Discussion Paper (DP) on its proposals for Recovery and Resolution Plans (RRP), required of financial institutions. The publication also covers policy proposal... |
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4th August 2011 Investment banker and two associates charged with insider dealing The Financial Services Authority (FSA) has charged Thomas Ammann, an investment banker, with three counts of insider dealing contrary to section 52 of the Criminal Justice Act 1993. Christina Weckwerth, who lives in Germany, has been charged with two... |
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2nd August 2011 FSA enters into an agreement to sell TRS to the London Stock Exchange The Financial Services Authority (FSA) has entered into a conditional agreement to sell its Approved Reporting Mechanism (ARM) known as the Transaction Reporting System (TRS) to the London Stock Exchange (LSE) for GBP15m. The TRS is an ARM establish... |
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1st August 2011 FSA publishes new rules for platforms The Financial Services Authority (FSA) has today published rules on platforms regulation. This follows a review of the regulation of platforms in the context of the objectives of the Retail Distribution Review (RDR). The rules published today exten... |
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21st July 2011 FSA fines Willis Limited GBP6.895 million for anti-bribery and corruption systems and controls failings The Financial Services Authority (FSA) has today fined Willis Limited GBP6.895 million for failings in its anti-bribery and corruption systems and controls. These failings created an unacceptable risk that payments made by Willis Limited to overseas ... |
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20th July 2011 FSA takes action against directors of IFA firm for recommending unsuitable investments The Financial Services Authority (FSA) has imposed prohibitions on Paul Banfield and Anthony Moss, former directors of Best Advice Financial Planning Limited (Best Advice), a small independent financial advice firm which was based in Surrey. Best Adv... |
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12th July 2011 FSA fines two former directors of Alpha to Omega IFA network The Financial Services Authority (FSA) has today fined two former directors of Alpha to Omega (UK) Limited (A2O), an Independent Financial Adviser network. The two directors, Andrew Ruff and Richard Lindley, have been fined GBP28,000 and GBP14,000 ... |
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5th July 2011 FSA bans two insurance brokers for misconduct The Financial Services Authority (FSA) has today banned two insurance brokers, Andrew Porter and Alexander Brincat, from working in the financial services industry. It has also withdrawn the permissions of Brincat's insurance firm; Wise Owl Services ... |
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29th June 2011 FSA continues its crackdown on land banking with another High Court decision protecting consumers The Financial Services Authority (FSA) yesterday secured summary judgment* in the High Court against Stephen Watkins, who traded as Consolidated Land UK. The judgment confirmed that Watkins sold land illegally to UK consumers and ordered him to mak... |
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28th June 2011 One arrested as FSA continues clamp down on unauthorised business The Financial Services Authority (FSA) today acted against an individual suspected of involvement in an unauthorised collective investment scheme (CIS). With the assistance of the Dorset Police, the FSA executed search warrants on two premises in Po... |
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28th June 2011 Financial Services Authority hosts conference to launch debate about the future of conduct regulation The Financial Services Authority (FSA) has today launched a debate about the type of regulator needed to restore customer trust in financial services. In his speech to the conference, Hector Sants, FSA chief executive and PRA chief executive design... |
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27th June 2011 FSA launches FCA approach document The Financial Services Authority (FSA) has today outlined how its successor body charged with conduct and markets regulation will be tougher, bolder and more engaged with consumers. The approach document sets out how the Financial Conduct Authority ... |
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24th June 2011 Financial Services Compensation Scheme Board appointments The Financial Services Authority (FSA) has appointed Liz Barclay, Jayne Nickalls and David Weymouth as non-executive directors to the board of the Financial Services Compensation Scheme (FSCS). The appointments bring a wealth of financial services a... |
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23rd June 2011 FSA holds its Annual Public Meeting The Financial Services Authority (FSA) today held its Annual Public Meeting at The Brewery in London, providing members of the public and interested parties a forum to discuss the FSA's Annual Report, which was published on 13 June. In his speech a... |
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22nd June 2011 Tracey McDermott addresses FSA Financial Crime Conference Tracey McDermott, acting director of enforcement and financial crime at the Financial Services Authority (FSA), today highlighted the continuing importance of financial crime within the future UK regulatory landscape. Speaking at the FSA's financial... |
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21st June 2011 FSA Announces GBP54 million Package for CF Arch cru investors The FSA has been in discussions concerning the CF Arch cru Investment Funds and the CF Arch cru Diversified Funds with a view to establishing a package for investors who are invested in the Arch cru Funds. The FSA and Capita Financial Managers Limit... |
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20th June 2011 Prudential Regulation Authority: the future approach to insurance supervision The Bank of England (the Bank) and the Financial Services Authority (FSA) have published a joint paper "The Bank of England, Prudential Regulation Authority - Our approach to insurance supervision" setting out the current thinking on how the future P... |
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14th June 2011 FSA secures its first criminal conviction for boiler room fraud. Approved person also fined and prohibited from significant influence functions. The Financial Services Authority (FSA) has secured a criminal conviction for boiler room fraud against David Roger Griffiths Mason, who has been sentenced to two years in prison and disqualified from being a director for six years. Mason pleaded gu... |
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14th June 2011 FSA publishes Product Intervention feedback statement The Financial Services Authority (FSA) has today published its feedback statement summarising the responses to its Product Intervention discussion paper (DP), published on 25 January 2011. The DP proposed a new direction for retail financial service... |
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14th June 2011 FSA bans and fines self employed trader GBP700,000 for market abuse The Financial Services Authority (FSA) has obtained a court order preventing Barnett Michael Alexander, a self employed trader, from committing market abuse and ordering him to pay a GBP700,000 fine and GBP322,818 in restitution to firms which experi... |
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13th June 2011 FSA grants temporary extension for some PPI complaints The Financial Services Authority (FSA) today agreed to temporary arrangements for Barclays, Lloyds Banking Group and RBS to handle Payment Protection Insurance (PPI) complaints. The arrangements extend the time periods the firms have to deal with the... |
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13th June 2011 FSA publishes Annual Report for the year 2010/11 The Financial Services Authority (FSA) has published its annual report for 2010/11, outlining its performance against the priorities set out in its 2010/11 Business Plan and its statutory objectives. In his foreword, FSA chairman, Adair Turner, desc... |
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8th June 2011 FSA winds up one unauthorised land bank and secures a world-wide injunction against another The Financial Services Authority (FSA) today made significant steps in its crackdown on land banking with two important decisions at the High Court. In one case the High Court made a winding up order against Plott UK Limited (Plott) and approved th... |
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1st June 2011 FSA censures BDO LLP for failings as a sponsor The Financial Services Authority (FSA) has today censured BDO LLP (BDO) for failings while acting as a sponsor during Shore Capital Group PLC's (Shore Capital) takeover of Puma Brandenburg Limited (Puma). This is the first public censure of a sponsor... |
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27th May 2011 FSA confirms new consumer complaint handling rules and an increase to the Financial Ombudsman award limit to GBP150,000 The Financial Services Authority (FSA) has today confirmed new complaints handling rules as part of a package of measures to drive up standards within the industry. The new rules include: Abolition of the 'two-stage' complaints handling rule to m... |
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25th May 2011 FSA fines Bank of Scotland GBP3.5 million for complaint handling failures and secures GBP17 million compensation for customers The Financial Services Authority (FSA) has fined Bank of Scotland (BOS) GBP3.5 million for the mishandling of complaints about retail investment products - many from older customers with little or no experience of investment products. Between 3... |
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24th May 2011 FSA fines individual GBP1m and secures first final High Court injunction to prevent market abuse The Financial Services Authority (FSA) has fined Samuel Kahn GBP1,094,900 and obtained a High Court injunction restraining him from committing market abuse. This is the first time the FSA has secured a final injunction from the High Court to prevent ... |
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19th May 2011 Prudential Regulation Authority: the future approach to banking supervision The Bank of England (the Bank) and the Financial Services Authority (FSA) have today published a joint paper The Bank of England, Prudential Regulation Authority - Our approach to banking supervision setting out the current thinking on how the future... |
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12th May 2011 Two FSA decision notices referred to the Tribunal The Financial Services Authority (FSA) today, for the first time, published two decision notices for enforcement decisions that have been referred to the Upper Tribunal (the Tribunal). These are the first decision notices to be published under a powe... |
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9th May 2011 FSA welcomes the BBA and Nemo's decision to accept the High Court's PPI judgment The Financial Services Authority (FSA) welcomes the decision by the British Bankers' Association (BBA) and Nemo Personal Finance (Nemo) to accept the High Court's dismissal of their legal challenge to the FSA's payment protection insurance (PPI) meas... |
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5th May 2011 FSA welcomes announcement of independent reviewers for RBS report The Financial Services Authority (FSA) has today welcomed the statement from the Treasury Select Committee Chairman Andrew Tyrie which confirms that in agreement with the FSA, the Treasury Select Committee (TSC) has asked Sir David Walker and Bill Kn... |
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20th April 2011 FSA welcomes the High Court's dismissal of the BBA's judicial review of new PPI complaints handling measures We welcome the High Court's dismissal of the British Bankers' Association's (BBA) and Nemo Personal Finance Limited's (Nemo) legal challenge to our payment protection insurance (PPI) measures. Our primary aim has always been to get proper redress, ... |
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19th April 2011 FSA bans four more brokers for mortgage fraud as the Tribunal dismisses broker's appeal The FSA has banned four mortgage intermediaries and imposed fines totalling GBP450,000 for knowingly using misleading and inaccurate information to secure mortgages. Joseph Chinedu Nwosu, the founder, sole shareholder and sole director of Gemmini M... |
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18th April 2011 FSA fines N&P GBP1.4 million and agrees GBP50 million for customers and FSCS The Financial Services Authority (FSA) has fined Norwich and Peterborough Building Society (N&P) GBP1.4 million for failing to give its customers suitable advice in relation to the sale of Keydata products. N&P will make available ex gratia... |
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14th April 2011 FSA takes action against two firms of IFAs over the promotion of complex investment products The Financial Services Authority (FSA) has today fined IFA firm Specialist Solutions plc (Specialist Solutions) GBP35,000 for failing to assess adequately whether customers were eligible to receive promotions for Unregulated Collective Investment Sch... |
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6th April 2011 FSA and HM Treasury publish joint consultation paper on covered bond regulation The Financial Services Authority (FSA) and HM Treasury (HMT) have today published a joint review of the UK's covered bond regulation. The review proposes a number of measures to build on the UK's existing strong covered bond regime. These will make ... |
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25th March 2011 FSA confirms final rules for auditors' client assets reports The Financial Services Authority (FSA) has today confirmed rules to improve the quality and consistency of auditors' client assets reports. The policy statement sets out ten new requirements for firms and their external auditors. In summary, these ... |
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22nd March 2011 FSA publishes Business Plan for 2011/12 The Financial Services Authority (FSA) has today published its business plan setting out its priorities for 2011/12, and the implications for the FSA's budget. The document outlines the FSA's priorities and specific initiatives for the year ahead, wh... |
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17th March 2011 FSA publishes its Prudential Risk Outlook The Financial Services Authority (FSA) has today published the Prudential Risk Outlook (PRO), which sets out its assessment of macro economic and financial trends as a context for its micro-prudential regulation and supervision of firms. The analysi... |
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16th March 2011 FSA chairman spells out regulatory challenges beyond Basel III Lord Turner, chairman of the Financial Services Authority (FSA), will say this evening that already agreed regulatory reforms will have a major beneficial impact but further reforms are needed to make the financial system stable. He will also say tha... |
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15th March 2011 FSA fines ActivTrades Plc GBP85,750 for client money failings The Financial Services Authority (FSA) has today fined ActivTrades Plc, a foreign exchange broker, GBP85,750 for failing to protect clients' assets adequately. Under the FSA's client money rules, firms are required to keep client money separate fro... |
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10th March 2011 FSA and FRC publish feedback on the role of auditors The Financial Services Authority (FSA) and Financial Reporting Council (FRC) have today published a feedback statement summarising the responses to the joint discussion paper on enhancing the auditor's contribution to prudential regulation. The FSA ... |
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10th March 2011 FSA announces a new senior advisor The Financial Services Authority (FSA) today announced the appointment of John Sutherland as a senior advisor. John will advise on the building society sector. He has more than 36 years experience in retail banking, including senior roles at the Na... |
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28th February 2011 FSA publishes first Retail Conduct Risk Outlook The Financial Services Authority (FSA) has today published its first Retail Conduct Risk Outlook (RCRO), which examines how a range of current, emerging and potential risks could impact customers. The RCRO is a key component in the FSA's consumer pr... |
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24th February 2011 FSA consults on improving protection for with-profits policyholders The Financial Services Authority (FSA) has today published proposals to strengthen its existing rules on with-profits to improve protection for policyholders. Last year the FSA carried out a review of the way in which firms have met the requirements... |
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22nd February 2011 FSA fines DB Mortgages for irresponsible lending and poor treatment of customers in arrears The Financial Services Authority (FSA) has today announced that it has fined DB Mortgages, part of the Deutsche Bank Group, GBP840,000 for irresponsible lending practices and unfair treatment of customers in arrears, and secured redress of approximat... |
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16th February 2011 Pension switching firms in Barnsley and Milton Keynes fined by the FSA The Financial Services Authority (FSA) has levied fines totalling GBP143,500 on two firms which failed to check the suitability of the pension switching advice they gave their customers. Perspective Financial Management (PFM), based in Milton Keynes... |
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10th February 2011 FSA and Bank of England announce new draft code of practice for auditors and supervisors Following joint work with the Bank of England, the Financial Services Authority (FSA) has today published, for consultation, a draft code of practice designed to enhance the dialogue between auditors and supervisors. The aim of the code is to improv... |
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9th February 2011 Former City worker banned for performing a significant influence function without FSA approval The Financial Services Authority (FSA) has banned Daniel Hassell from working in regulated financial services. Hassell knew that the FSA was not satisfied that he was a fit and proper person to perform a significant influence function. Despite this H... |
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7th February 2011 FSA bans and fines corporate finance advisor GBP150,000 for market abuse The Upper Tribunal (Tax and Chancery Chamber) has directed the Financial Services Authority (FSA) to fine David Massey GBP150,000 and ban him from performing any role in regulated financial services for engaging in market abuse. On 1 November 2007, ... |
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2nd February 2011 FSA appoints Martin Wheatley as managing director, consumer and markets business unit The Financial Services Authority (FSA) today announced the appointment of Martin Wheatley as the new managing director of its Consumer and Markets Business Unit. The appointment is effective from 1 September 2011, and at that time he will also join t... |
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2nd February 2011 Management consultant appears in Court charged with insider dealing In a case brought by the Financial Services Authority (FSA) Rupinder Sidhu (DOB 17/02/71), a management consultant, appeared before City of Westminster Magistrates' Court charged with 23 counts of insider dealing, contrary to section 52 of the Crimin... |
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2nd February 2011 Investment banker, his wife and family friend sentenced for insider dealing Christian Littlewood, a senior investment banker and former Financial Services Authority (FSA) Approved Person, his wife Angie Littlewood (also known as Siew Yoon Lew and Angie Lew) and a family friend, Helmy Omar Sa'aid, have today been sentenced fo... |
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1st February 2011 FSA announces annual funding requirement for 2011/12 The Financial Services Authority (FSA) has today announced its proposed Annual Funding Requirement (AFR) for 2011/12. The AFR for 2011/12 is GBP500.5m, up from GBP454.7m in 2010/11, a gross increase of 10.1% in overall funding. The increase will be b... |
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28th January 2011 Francois de Dietrich sentenced to 18 months imprisonment for failure to comply with Court Order and to cooperate with FSA investigation The High Court in Northern Ireland has committed Francois de Dietrich to an 18 month prison sentence after he failed to comply with a court order obtained by the Financial Services Authority (FSA) and statutory information requests from the FSA order... |
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26th January 2011 JJB Sports PLC fined GBP455,000 for failing to disclose information to the market The Financial Services Authority (FSA) has fined JJB Sports Plc (JJB) GBP455,000 for failing to disclose information to the market about the true cost of two acquisitions. This led to a false market in JJB shares for over nine months. JJB made a numb... |
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26th January 2011 FSA levies GBP1.12m fine on Barclays Capital for client money breaches The Financial Services Authority (FSA) has fined Barclays Capital Securities Ltd (Barclays Capital) GBP1.12 million for failing to protect and segregate on an intra-day basis client money held in sterling money market deposits. Under the FSA's clie... |
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25th January 2011 FSA confirms transfer of business of Kent Reliance Building Society to OneSavings plc money held in sterling money market deposits. The Financial Services Authority (FSA) today announced that on 24 January it confirmed the transfer of the business of Kent Reliance Building Society to OneSavings plc under the Building Societies Act 1986. The FSA's written decision. Copies of the... |
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25th January 2011 FSA bans five individuals and fines one, bringing the total number of mortgage intermediary prohibitions to 101 The Financial Services Authority (FSA) has banned five mortgage intermediaries and fined one of them GBP104,000. This brings the total number of mortgage intermediaries banned since December 2006 to 101. Most of the individuals have been banned beca... |
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25th January 2011 FSA opens public debate on product intervention The Financial Services Authority (FSA) has today published a discussion paper to open a public debate about how the FSA, and in future the proposed Consumer Protection and Markets Authority (CPMA), should pursue the objective of consumer protection a... |
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21st January 2011 Former senior manager sentenced to 27 months in prison for insider dealing and money laundering Neil Rollins, a former senior manager of PM Onboard Limited, a waste industry firm, was today sentenced to 27 months in prison for insider dealing and money laundering. Rollins was also ordered to pay GBP197,000.66 in confiscation. On 26 November 2... |
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20th January 2011 FSA confirms professional standards for investment advisers from 2013 The Financial Services Authority (FSA) has today confirmed that, after extensive consultation, retail investment advisers will need to hold a Statement of Professional Standing (SPS) if they want to give independent or restricted advice after January... |
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20th January 2011 FSA fines spread bet broker GBP490,000 for transaction reporting failures The Financial Services Authority (FSA) has fined City Index Limited (City Index) GBP490,000 for failing to provide accurate transaction reports to the FSA. Firms are required to ensure they submit data for reportable transactions by close of busine... |
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19th January 2011 FSA fines and bans two partners of Clark Rees LLP GBP28,000 for advice failings in relation to Unregulated Collective Investment Schemes (UCIS) The Financial Services Authority (FSA) has fined and banned the two partners of the investment firm Clark Rees LLP for failing to ensure the firm made suitable recommendations to its customers regarding Unregulated Collective Investment Schemes (UCIS... |
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18th January 2011 FSA fines Barclays GBP7.7 million for investment advice failings and secures as much as GBP60 million in redress for customers The Financial Services Authority (FSA) has fined Barclays Bank plc (Barclays) GBP7.7 million for failures in relation to the sale of two funds. Barclays will contact customers and pay redress where appropriate. Between July 2006 and November 2008 B... |
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17th January 2011 FSA and FRC extend co-operation and information exchange on audit issues The Financial Services Authority (FSA) and the Financial Reporting Council (FRC) have today agreed a new memorandum of understanding (MOU) to enable a greater degree of co-operation and information exchange between the two regulators. The MOU under... |
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13th January 2011 Former analyst fined GBP50,000 for disclosing misleading information The Financial Services Authority (FSA) has fined Christopher Gower GBP50,000 for making misleading and inaccurate disclosures to the market about Enterprise Inns plc (ETI) to clients via Bloomberg instant messenger, substantially impacting ETI share ... |
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11th January 2011 FSA fines RBS and NatWest GBP2.8m for poor complaint handling The Financial Services Authority (FSA) has fined Royal Bank of Scotland (RBS) and National Westminster Bank (NatWest) GBP2.8m for multiple failings in the way they handled customers' complaints, responding inadequately to more than half the complaint... |
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10th January 2011 Investment banker, his wife and family friend plead guilty to insider dealing Christian Littlewood, a senior investment banker and former Financial Services Authority (FSA) Approved Person, his wife Angie Littlewood (also known as Siew Yoon Lew and Angie Lew) and a family friend Helmy Omar Sa'aid have pleaded guilty to 8 count... |
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6th January 2011 Director fined and banned over GBP2 million insurance fraud The Financial Services Authority (FSA) has fined Barry Williams GBP25,000 and banned him from working in regulated financial services for his part in a scheme that defrauded leading London market insurers of more than GBP2 million. Whilst not a part... |
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23rd December 2010 Kent Reliance Building Society and OneSavings plc: Confirmation Hearing Details The Financial Services Authority (FSA) today announced the arrangements for the hearing of the proposed transfer of the business of Kent Reliance Building Society to OneSavings plc. The confirmation hearing will be held at the Financial Services Au... |
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22nd December 2010 FSA and HM Treasury publish joint consultation paper on implementation of the UCITS IV Directive The Financial Services Authority (FSA) and HM Treasury (HMT) have today published a joint consultation paper setting out proposals for the implementation of the revised Undertakings for Collective Investment in Transferable Securities Directive, know... |
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17th December 2010 FSA confirms changes to the existing training and competence regime The Financial Services Authority (FSA) has today published final rules to strengthen training and competence requirements for all individuals carrying out customer facing regulated retail activities. The rules also clarify FSA expectations regarding ... |
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17th December 2010 FSA publishes revised Remuneration Code The Financial Services Authority (FSA) has today published an updated Remuneration Code to take into account changes required by the Capital Requirements Directive (CRD3). The FSA's existing Code requires firms to apply 'remuneration policies, prac... |
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17th December 2010 New deposit guarantee limit to be GBP85,000 The Financial Services Authority (FSA) has today confirmed that the new deposit compensation limit for the United Kingdom will increase from GBP50,000 to GBP85,000 per person, per authorised firm, from 31 December 2010. This is the Ster... |
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16th December 2010 Managing director banned and fined GBP750,000 for mismarking The Financial Services Authority (FSA) has banned and fined Nabeel Naqui, the former Head of the Credit Products Group (CPG) Europe and Asia Pacific at Toronto Dominion Bank (Toronto Dominion), GBP750,000 for deliberately mismarking his trading posit... |
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16th December 2010 FSA fines Scottish Equitable Plc GBP2.8m and announces redress of GBP60m for customers The Financial Services Authority (FSA) has fined Scottish Equitable Plc GBP2.8m for causing significant consumer detriment through poor administrative procedures. Scottish Equitable Plc will pay consumer redress of about GBP60 million, of which GBP30... |
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15th December 2010 Chartered accountants fined and banned for assisting multi-million pound boiler room share scam The Financial Services Authority (FSA) has today fined and banned chartered accountants Paolo Maranzana and Laurence Finger for Sedley Richard Laurence Voulters' (SRLV) involvement with a boiler room share scam. Maranzana was fined GBP105,000 and h... |
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14th December 2010 FSA fines and bans former stockbrokers for market abuse The Financial Services Authority (FSA) has fined former stockbrokers William James Coppin GBP70,000 and Perry John Bliss GBP30,000 for using inside information about an AIM-traded company, Provexis plc, to encourage their clients to buy its shares. ... |
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13th December 2010 FSA Chief Executive outlines progress in reforming supervisory practices In a speech today at Reuters in London, Financial Services Authority (FSA) CEO, Hector Sants, outlined the progress made on the design of the supervisory approach and internal preparation for the transition, in 2012, to the new regulatory structure a... |
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9th December 2010 FSA secures winding-up orders against two unauthorised firms operating a bio-fuels collective investment scheme The Financial Services Authority (FSA) has secured High Court winding-up orders against two UK firms, Bio Partners Limited (Bio Partners) and Zambia Alpha One LLP (Zambia Alpha). The two firms operated a collective investment scheme which invested f... |
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7th December 2010 FSA contacts 49,000 people to warn them they could be targets of boiler room share fraudsters The Financial Services Authority (FSA) is contacting thousands of people to warn them they could become victims of share fraud after it recovered its biggest ever 'master list' used by boiler room fraudsters. The list contains the names, addresses ... |
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6th December 2010 FSA announces appointment of two senior advisors The Financial Services Authority (FSA) today announced the appointment of Simon Prior-Palmer and Robert Stansbury as senior advisors. Simon will advise on the investment banking sector. He has more than 30 years experience in investment... |
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6th December 2010 FSA bans Graham Betton for market abuse The Financial Services Authority (FSA) has banned Graham Betton from working in financial services, following his role in a scheme that set out to ramp up the share price of Fundamental-E Investments (FEI). The Upper Tribunal (Tax and Chancery Chambe... |
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1st December 2010 FSA, SEC and DoJ investigation leads to two people being charged by the SEC with insider dealing in the U.S. In a parallel investigation by the Financial Services Authority (FSA), the Securities and Exchange Commission (SEC), Department of Justice (DoJ), and with assistance from the Federal Bureau of Investigation (FBI), a former Deloitte Tax LLP partner an... |
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26th November 2010 Senior manager found guilty of insider dealing and money laundering In a case brought by the Financial Service Authority (FSA) Neil Rollins, a former senior manager of PM Onboard Limited, a waste industry firm, was today found guilty of five counts of insider dealing and four counts of money laundering at Southwark C... |
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26th November 2010 FSA commences action against firms offering unauthorised satellite television warranties The Financial Services Authority (FSA) has obtained a High Court ruling appointing provisional liquidators over three firms that the FSA considers were engaged in insurance activities without FSA authorisation. Digital Satellite Warranty Cover Limit... |
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25th November 2010 Five charged with insider dealing Five individuals, including two former directors and one former senior trader of Blue Index Limited (Blue Index), a specialist Contract for Difference (CFD) brokerage, have been charged by the Financial Services Authority (FSA) with 17 counts of insi... |
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17th November 2010 FSA publishes platform proposals The Financial Services Authority (FSA) has today published proposals to ensure that the platform services used to buy and manage investments after January 2013 are fully aligned with standards required by the Retail Distribution Review. From Januar... |
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16th November 2010 FSA recommends changes to mortgage sales to achieve a sustainable mortgage market The Financial Services Authority (FSA) has today outlined proposals which focus on enhancing the mortgage sales process, the role of intermediaries and improving disclosure of information for customers. The consultation builds on the FSA's Mortgage... |
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15th November 2010 FSA and SEC hold Strategic Dialogue meeting Financial Services Authority (FSA) chairman, Lord Turner, today met with US Securities and Exchange Commission (SEC) chairman Mary L Schapiro as part of the SEC-FSA Strategic Dialogue sessions established in 2006. During the meeting, the agencies sh... |
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10th November 2010 FSA consults on remuneration disclosure requirements The Financial Services Authority (FSA) has today published a consultation on the implementation of remuneration disclosure requirements based on those set out in the Capital Requirements Directive (CRD3). CRD3 requires firms to disclose information ... |
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9th November 2010 FSA consults on changes to its handbook following government reforms to workplace pension schemes The Financial Services Authority (FSA) has published a consultation paper outlining changes to the FSA Handbook following the Government's confirmation of the workplace pension reforms. These reforms will significantly change the pension landscape s... |
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9th November 2010 FSA Know Your Rights booklet published today The Financial Services Authority (FSA) has today launched a Know Your Rights booklet for bank and building society customers, to clarify the service standards customers can expect, and to mark the first anniversary of the regulation of banking conduc... |
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4th November 2010 FSA fines mortgage lender and its director for irresponsible lending and unfair treatment of customers in arrears The Financial Services Authority (FSA) has fined small mortgage lender, Bridging Loans Ltd, GBP42,000 and its director Joseph Cummings GBP70,000 for serious failures relating to lending practices and for failing to treat customers fairly in arrears. ... |
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2nd November 2010 FSA insider dealing investigation: search warrants executed in the UK and Germany and two arrested Search warrants were today executed at two addresses in London and one in Germany as part of a Financial Services Authority (FSA) investigation concerning insider dealing. The FSA worked with the police and prosecution authority in Hessen, Germany to... |
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20th October 2010 FSA wins market abuse case in the Tribunal The Financial Services and Markets Tribunal (the Tribunal) has issued its decision in the matter of Andre Jean Scerri and the Financial Services Authority (FSA). The Tribunal decided that it was appropriate to impose a financial penalty of GBP66,062.... |
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14th October 2010 FSA bans entertainment insurance broker for attempting to overcharge a client The Financial Services Authority (FSA) has banned Paul Cable, director of Media and Entertainment Insurance Services Limited, from acting as an FSA approved person for at least two years for attempting to overcharge a client by GBP89,000. The FSA has... |
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12th October 2010 FSA bans three fraudulent mortgage brokers and imposes fines totalling more than GBP400,000 The Financial Services Authority (FSA) has banned three individuals for mortgage fraud and fined two of them a total of GBP414,683. All three flouted the FSA's rules by knowingly submitting false and misleading information to secure the mortgages f... |
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12th October 2010 FSA granted new consumer redress power The Financial Services Authority (FSA) has today been granted a new power to deliver prompt and effective redress for consumers. The new power was part of April's Financial Services Act 2010, and has been activated today, along with other changes, b... |
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8th October 2010 FSA to contest the BBA's judicial review of new PPI complaints handling measures The Financial Services Authority (FSA) will contest the British Bankers' Association's (BBA) judicial review of new payment protection insurance (PPI) complaints handling measures. In the interests of consumers, firms will be expected to continue ha... |
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4th October 2010 FSA chief addresses the role that culture and ethics play in shaping behaviour and judgements The chief executive of the Financial Services Authority (FSA), Hector Sants, provided the keynote address at a Mansion House conference on values and trust today. Exploring the role for regulators in facilitating the right culture within firms Sants ... |
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30th September 2010 FSA pushes for further improvements in firms' complaints handling standards The Financial Services Authority (FSA) has today proposed changes to its complaints handling rules as part of a package of measures to drive up standards of complaints handling within the industry. Today's consultation paper is key to the FSA's cons... |
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29th September 2010 FSA bans partner at First Colonial Investments LLP for governance failings The Financial Services Authority (FSA) has banned Gerald Classey, a partner at First Colonial Investments LLP (FCI), for several failings, including failing to exercise proper oversight of the stock-broking business of the firm and not telling the FS... |
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28th September 2010 Broker banned and fined GBP252,239 for payment of cash kickbacks The Financial Services Authority (FSA) has today fined Fabio Massimo De Biase, a former cash equities broker, GBP252,239 for acting without integrity. The FSA has also banned De Biase from working in the financial services industry on the grounds tha... |
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27th September 2010 FSA consults on improving auditors' reports on client assets The Financial Services Authority (FSA) has today announced steps to improve the quality and consistency of auditors' reports on client assets. As part of its more intensive approach to supervision and enhanced focus on client assets, the FSA has re... |
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27th September 2010 Mortgage broker's permission cancelled and individual fined for failing to be open with the FSA The Financial Services Authority (FSA) has taken action against an individual and a mortgage broker for failings including not being open and co-operative in their dealings with the FSA. David Roberts, sole director of A-Z Mortgages Limited, has been... |
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22nd September 2010 FSA hands out three fines for failings related to Lehman-backed structured product sales The Financial Services Authority (FSA) has today announced fines for one firm and two individuals for failures in relation to the sale of Lehman-backed structured products between November 2007 and August 2008. Dundee based law firm Thorntons Law L... |
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21st September 2010 FSA Chairman welcomes the decisions reached on the Basel III package of capital and liquidity reforms In a speech at the Mansion House tonight, the Chairman of the Financial Services Authority, Lord Turner, will say that to design an effective regulatory response to the financial crisis, we need to move beyond the demonization of over-paid financial ... |
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20th September 2010 FSA announces CFEB Chairman The Financial Services Authority (FSA) today announced the appointment of Gerard Lemos as the chairman of the Consumer Financial Education Body (CFEB). Gerard Lemos is a partner at social researchers Lemos&Crane where he leads the research team... |
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20th September 2010 FSA and FINRA sign cooperation agreement The Financial Services Authority (FSA) and the US Financial Industry Regulatory Authority (FINRA) have entered into a Memorandum of Understanding (MOU) to support more robust cooperation between the two regulators. The MOU establishes a strong fram... |
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10th September 2010 Man arrested in FSA insider dealing investigation A 64-year-old man was arrested yesterday by the City of London Police Economic Crime Directorate on suspicion of money laundering and providing false information in connection with suspected insider dealing. The arrest was related to an ongoing inv... |
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9th September 2010 FSA fines Goldman Sachs International GBP17.5 million for weaknesses in controls resulting in failure to provide FSA with appropriate information The Financial Services Authority (FSA) has today fined London-based firm Goldman Sachs International (GSI) GBP17.5 million for breaching FSA Principles. The fine relates to GSI's failure to ensure that it had in place adequate systems and controls to... |
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7th September 2010 FSA Board appointment Margaret Cole has been appointed to the Financial Services Authority (FSA) Board as managing director of enforcement and financial crime. The announcement has been made by HM Treasury and takes effect from today, 7 September 2010. Margaret Cole join... |
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2nd September 2010 FSA fines Moneywise IFA Limited for advice failings in relation to platforms The Financial Services Authority (FSA) has fined Moneywise IFA Limited (Moneywise) GBP19,600 for failing to have sufficiently robust compliance arrangements for the investment advice it gave customers using platforms and discretionary portfolios. An... |
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2nd September 2010 FSA bans insurance broker David Marriott for persistent misuse of client money The Financial Services Authority (FSA) has imposed a lifetime ban on David Marriott, former chief executive of two insurance intermediaries, Target Underwriting Ltd (Target) and Professional Insurance Select LTD (PISL) for failing to segregate and pr... |
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31st August 2010 Action taken against two brokers for mortgage fraud failings The Financial Services Authority (FSA) has taken action against two mortgage brokers whose reckless business practices allowed false and misleading mortgage applications to be made to lenders. Ngozika Louise Ogboru who ran J N Finance (UK) Limited,... |
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25th August 2010 FSA outlines a fundamental review of trading activity regulation The Financial Services Authority (FSA) has today published a discussion paper (DP) that considers fundamental changes to the regulation of trading activities - one of the key recommendations of the Turner Review following material trading losses... |
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25th August 2010 FSA fines Societe Generale GBP1.575 million for failures in transaction reporting The Financial Services Authority (FSA) has fined the London branch of Societe Generale (SocGen) GBP1,575,000 for failing to provide accurate transaction reports to the FSA. The fine reflects the seriousness of SocGen's failure to submit accurate repo... |
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24th August 2010 FSA fines Zurich Insurance GBP2,275,000 following the loss of 46,000 policy holders' personal details The Financial Services Authority (FSA) has fined the UK branch of Zurich Insurance Plc (Zurich UK) GBP2,275,000 for failing to have adequate systems and controls in place to prevent the loss of customers' confidential information. The fine is the hig... |
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17th August 2010 FSA gets tough on insurance fraud with bans for five individuals and one of the largest ever fines against an insurance broker The Financial Services Authority (FSA) has banned five individuals for failings in relation to insurance fraud. It has also imposed one of its largest ever fines of GBP150,000 for insurance fraud on one of these individuals and GBP50,000 on another. ... |
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10th August 2010 FSA confirms measures to reform PPI market and protect consumers The Financial Services Authority (FSA) today published a policy statement confirming its package of measures to protect consumers in the Payment Protection Insurance (PPI) market. The package will ensure customers are treated more fairly when compl... |
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3rd August 2010 FSA fines Royal Bank of Scotland Group GBP5.6m for UK sanctions controls failings The Financial Services Authority (FSA) has today fined members of the Royal Bank of Scotland Group (RBSG) GBP5.6m for failing to have adequate systems and controls in place to prevent breaches of UK financial sanctions. UK firms are prohibited from... |
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3rd August 2010 FSA confirms Stroud & Swindon Building Society merger with the Coventry Building Society The Financial Services Authority (FSA) today announced that it has confirmed the proposed transfer of the engagements of the Stroud & Swindon Building Society to the Coventry Building Society. The FSA's written decision. The document se... |
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30th July 2010 FSA censures The Garrison Finance Centre Limited for geared traded endowment policies advice failings The Financial Services Authority (FSA) today publicly censured The Garrison Finance Centre Limited (Garrison) for failing to communicate clearly the risks of complex investment products - geared traded endowment policies (GTEPs) - to their custo... |
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29th July 2010 FSA consults on changes to its Remuneration Code The Financial Services Authority (FSA) today announced plans to update its Remuneration Code to take on board remuneration rules required by the Capital Requirements Directive (CRD 3) and the Financial Services Act 2010 (FS Act). The FSA also repor... |
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28th July 2010 A new approach to regulation HM Treasury has presented to parliament the government's proposals on the review of the UK financial system. Titled "A new approach to regulation: judgement, focus and stability" this document has wide ranging implications for regulated firms. Link t... |
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28th July 2010 FSA censures and bans three directors from acting as senior managers for falling short of FSA standards The Financial Services Authority (FSA) today publicly censured and banned Stephen Coles, Luke Ryan and Michael Yamoah, the three directors of Simply Trading Group Limited (STG), from senior management positions for falling short of FSA standards. C... |
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27th July 2010 FSA bans and fines former Northern Rock finance director GBP320,000 for misreporting mortgage arrears figures The Financial Services Authority has fined David Jones, former finance director (FD) of Northern Rock PLC (NR) GBP320,000 and prohibited him from performing any function in relation to any regulated activity. Jones's misconduct started in mid Januar... |
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27th July 2010 Ongoing supervision of FSA firms John King, Manager - Wholesale Small Firms 'As part of our wider credible deterrence agenda we are increasing our programme of visits to firms. We expect to have visited around 800 firms in the three years to 31 December 2010. We are seeking to rais... |
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23rd July 2010 FSA implements new powers granted by Financial Services Act 2010 The document includes new rules and guidance covering the following areas: Use of the power to impose financial penalties or public censure on those who breach short-selling rules; Disclosure of significant net short positions (these will go in... |
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23rd July 2010 FSA announces tougher prudential standards for credit unions The Financial Services Authority (FSA) has today published its near final rules to strengthen the financial resilience of the credit union sector and reduce the number of credit union failures. On average, around six credit unions are declared in d... |
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23rd July 2010 FSA statement on the publication of CEBS stress tests The FSA welcomes the publication of the results of the EU-wide stress test exercise conducted by the Committee of European Banking Supervisors (CEBS). The CEBS exercise shows that the UK banks are well placed to handle further periods of economic str... |
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20th July 2010 FSA secures GBP3.7 million compensation for victims of Upton & Co unauthorised collective investment scheme The Financial Services Authority (FSA) has secured GBP3.717 million in compensation for investors in an unauthorised collective investment scheme operated by Upton & Co. Accountants Limited (Upton). A High Court ruling earlier today confirmed th... |
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19th July 2010 FSA fines father and son for market abuse The Financial Services Authority (FSA) has today fined Jeremy Burley GBP144,200 and his father, Jeffery Burley, GBP35,000 for engaging in market abuse in relation to the shares of Tower Resources plc (Tower Resources), an oil and gas exploration comp... |
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15th July 2010 Redstone Mortgages Limited fined GBP630,000 for unfair treatment of some customers in arrears The Financial Services Authority (FSA) has today fined Redstone Mortgages Limited (Redstone) GBP630,000 for poor treatment of some customers facing mortgage arrears. The firm has agreed to redress customers who were charged unfair and/or excessive c... |
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13th July 2010 FSA moves to make sure all borrowers with a new mortgage can afford it The Financial Services Authority (FSA) has today outlined proposals to ensure all mortgages are carefully assessed to make sure borrowers can afford them. Reflecting the FSA's enhanced consumer protection strategy and intensive day-to-day supervisio... |
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13th July 2010 FSA Chairman calls for debate The Financial Services Authority (FSA) chairman, Lord Turner, has said there needs to be a fundamental debate in this country, both about how much easy credit should be available in the mortgage market, and how much capital and liquidity banks should... |
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9th July 2010 FSA fines network director for putting customers at risk of receiving unsuitable advice on PPI The Financial Services Authority (FSA) has today fined David Head, director of Essex based mortgage and insurance broker network FT Compliance Services Limited (FTCS), GBP10,500 for failing to properly supervise insurance brokers who he knew had clos... |
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8th July 2010 FSA bans three insurance professionals for a GBP2 million fraud The Financial Services Authority (FSA) has today banned Timothy Higgins, Clifford Felstead and Ralph Brunswick from working in regulated financial services. All three men were involved in a scheme which defrauded Markel International Insurance Compa... |
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8th July 2010 FSA fines Gateshead IFA GBP21,000 for pension switching advice failings The Financial Services Authority (FSA) today fined N-Hanced LLP (N-Hanced), a Gateshead based IFA firm, GBP21,000 for exposing their customers to the risk of receiving poor advice about switching their pension. The FSA found that the firm had not r... |
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7th July 2010 FSA fines three partners at Sheffield mortgage broker for systems and controls failures The Financial Services Authority (FSA) has fined three individuals at Pace Financial Management (Pace) in Sheffield for failures which led to the firm being used for financial crime. Pace Paul Armitage, Huw Evans and Brian Smith are all partners an... |
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6th July 2010 FSA fines former CEO of Sibir GBP350,000 for market abuse The Financial Services Authority (FSA) today fined Henry Cameron GBP350,000 for making misleading announcements to the market regarding payments from Sibir, a large energy company that was quoted on AIM, to its major shareholder Chalva Tchigirinski. ... |
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5th July 2010 Five banned, and one fined GBP130,000 and banned, as FSA continues crack down on mortgage fraud The Financial Services Authority (FSA) has banned six individuals, and fined one of them over GBP130,000, for failings in relation to mortgage fraud. The FSA found that all lacked honesty and integrity, most had committed mortgage fraud by providing... |
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29th June 2010 FSA and FRC look to enhance auditors' contribution to prudential regulation The Financial Services Authority (FSA) and the Financial Reporting Council (FRC) have today issued a discussion paper which considers ways of enhancing auditors' contribution to regulation. High quality corporate reporting, audit and assurance suppo... |
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29th June 2010 High Court orders Pruthi, Anderson and Peacock to pay GBP115m to the FSA Following a hearing at the High Court today John Anderson, Kenneth Peacock and Kautilya Nandan Pruthi have been ordered to pay approximately GBP115m to the Financial Services Authority (FSA) in relation to their activities in unlawfully accepting dep... |
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29th June 2010 FSA publishes review of with-profits sector The Financial Services Authority (FSA) has today published the findings of its comprehensive review into the operation of with-profits funds. The review focused on whether firms are treating their with-profits policyholders fairly, looking specific... |
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29th June 2010 FSA fines and bans oil futures broker for market abuse The Financial Services Authority (FSA) has fined Steven Noel Perkins, a former oil futures broker, GBP72,000 for market abuse. The FSA has also banned Perkins from working in the financial services industry on the grounds that he is not a fit and pro... |
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28th June 2010 FSA confirms list of Retail Distribution Review adviser qualifications The Financial Services Authority (FSA) has today published the final list of qualifications retail investment advisers will need to pass before 1 January 2013. This provides the certainty advisers need to prepare for the implementation of Retai... |
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25th June 2010 FSA demands tough standards from firms dealing with arrears and sale and rent back customers The Financial Services Authority (FSA) has today set out the rules which will ensure there are proper protections in place for vulnerable customers in arrears on their mortgages or entering sale and rent back (SRB) agreements. Today's announcement d... |
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24th June 2010 FSA holds its Annual Public Meeting The Financial Services Authority (FSA) today held its Annual Public Meeting at the Queen Elizabeth II Conference Centre in London, providing members of the public and interested parties a forum to discuss the FSA's Annual Report, which was published ... |
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22nd June 2010 Ex-hedge fund trader sentenced for insider dealing Anjam Saeed Ahmad, an ex-hedge fund trader and risk manager with AKO Capital LLP (AKO), was today sentenced to 10 months imprisonment, suspended for two years, 300 hours of unpaid work in the community and fined GBP50,000 for insider dealing. On 18 M... |
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21st June 2010 Photo-Me fined GBP500,000 for delay in disclosing inside information The Financial Services Authority (FSA) today fined Photo-Me International plc (Photo-Me) GBP500,000 for failing to disclose inside information to the market as soon as possible. The delay led to a false market in Photo-Me's shares for 44 days. Photo... |
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21st June 2010 FSA fines Vantage GBP700,000 for failing to prevent an individual from performing a significant influence function without FSA approval The Financial Services Authority (FSA) has today fined Vantage Capital Markets LLP (Vantage) GBP700,000 for failing to prevent Daniel Hassell from performing a function without obtaining the FSA's approval, for more than four years. Vantage knew tha... |
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17th June 2010 Should regulators judge culture? Unacceptable culture within firms was a major contributor to the financial crisis and so regulators should play a greater role in judging how culture drives firms' behaviour and impacts on society as a whole, according to the chief executive of the F... |
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16th June 2010 FSA bans three individuals and fines two of them for mortgage fraud The Financial Services Authority (FSA) today announced it has banned three mortgage brokers from working in the financial services industry; and fined two of the brokers GBP294,500 and GBP120,000. Investigations into each individual by the FSA revea... |
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16th June 2010 FSA Chairman welcomes Chancellor's plans for regulatory reform The Chairman of the Financial Services Authority (FSA), Lord Turner, has welcomed the changes to financial regulation outlined by the Chancellor of the Exchequer in his Mansion House speech this evening, and Hector Sants' agreement to remain as Chief... |
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14th June 2010 FSA appoints senior advisor The Financial Services Authority (FSA) today announced the appointment of Tom Boardman to the role of life insurance senior advisor. Tom has more than 35 years experience in the financial services sector, most recently as director of retirement stra... |
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10th June 2010 FSA publishes annual report for the year 2009/10 The Financial Services Authority (FSA) has published its Annual Report, outlining its performance against the priorities set out in its 2009/10 Business Plan and the FSA's statutory objectives. In his foreword, FSA chairman, Adair Turner, commented ... |
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9th June 2010 FSA takes action against two insurance brokers for failing to protect client money and assets The Financial Services Authority (FSA) has today taken action against two insurance brokers - Delwyn Way of Shield Insurance Consultancy Ltd (Shield) and Adrian Shillaker of Griffiths McAlister Insurance Brokers Ltd (Griffiths McAlister) - for failin... |
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8th June 2010 Former stockbroker charged for boiler room related offences The Financial Services Authority (FSA) yesterday charged former stockbroker David Roger Griffiths Mason of Southend on Sea, Essex, with five offences including making misleading statements to investors, conspiracy to defraud and money laundering. &nb... |
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7th June 2010 FSA fines Close Investments Ltd GBP98,000 for client money breaches The Financial Services Authority (FSA) has fined Close Investments Limited (CIL) GBP98,000 for failing to properly protect and segregate client money. Between January 2008 and January 2010, CIL failed to hold client money in segregated accounts wit... |
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7th June 2010 FSA fines Rowan Dartington & Co Ltd GBP511,000 for client money breaches The Financial Services Authority (FSA) has today fined Rowan Dartington & Co Limited GBP511,000 for failing adequately to protect and segregate client money for over two years. Under the FSA's client money rules, firms are required to keep clien... |
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4th June 2010 FSA consults on changes to the existing training and competence regime The Financial Services Authority (FSA) has today published proposals to strengthen its requirements on competence for individuals carrying out retail activities, while placing more emphasis on standards of ethical behaviour. Reflecting the FS... |
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4th June 2010 FSA bans Swindon based mortgage broker for breaching a settlement agreement and lying to the FSA The Financial Services Authority (FSA) has banned sole trader Joseph Masi, trading as Select Mortgage Services, for breaching a settlement agreement with the FSA and providing false and misleading information to the FSA. Following an FSA investigat... |
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3rd June 2010 FSA levies largest ever fine of GBP33.32m on J.P.Morgan Securities Ltd for client money breaches The Financial Services Authority (FSA) has fined J P Morgan Securities Ltd (JPMSL) GBP33.32 million for failing to protect client money by segregating it appropriately. Under the FSA's client money rules, firms are required to keep client money sepa... |
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3rd June 2010 FSA v Andrew King and Michael McFall Andrew King, a finance director, and Michael McFall, a lawyer, were today acquitted of insider dealing. The case was brought by the Financial Services Authority (FSA) and heard at the Southwark Crown Court. Margaret Cole, director of enforcement a... |
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2nd June 2010 FSA fines and bans commodity broker for market abuse The Financial Services Authority (FSA) has today fined Andrew Charles Kerr, a former commodity broker from Sucden Limited, GBP100,000 for market abuse. The FSA has also banned Kerr from working in the financial services industry on the grounds that h... |
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28th May 2010 FSA introduces temporary rule to give recent PPI complainants more time to refer complaints to the Financial Ombudsman Service The Financial Services Authority (FSA) has today announced a temporary rule to give customers who recently made a complaint about their purchase of a Payment Protection Insurance (PPI) policy more time in which to refer their complaint to the Financi... |
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25th May 2010 FSA bans John White, a former Seymour Pierce employee, for fraud involving client and company money The Financial Services Authority (FSA) today banned John White, a former employee at Seymour Pierce Limited, from working in financial services for committing fraud. Between 2001 and 2006, White stole a total of GBP152,372 from his then employer and... |
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21st May 2010 FSA bans inter-dealer broker The Financial Services Authority (FSA) has banned Jonathan Bunn, a former inter-dealer broker at Lewis Charles Securities (LCS), from performing any function in relation to any regulated activity on the grounds that he is not a fit and proper person.... |
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20th May 2010 FSA fines Simon Eagle GBP2.8m and bans him from financial services for deliberate market abuse The Financial Services Authority (FSA) has today fined Simon Eagle GBP2.8m and banned him from working in financial services. Eagle was responsible for a complex and prolonged abusive scheme that deliberately set out to ramp up the share price ... |
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19th May 2010 FSA contacts 38,000 people to warn them they are targets of boiler room share fraudsters The Financial Services Authority (FSA) is contacting more than 38,000 people across the UK to warn them that they could be the target of share fraud after it recovered a master list used by boiler room fraudsters. The list contains the names and add... |
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19th May 2010 One arrested in FSA and CoLP insider dealing investigation Investigators from the Financial Services Authority's (FSA) Enforcement and Financial Crime Division acting with the assistance of officers from the City of London Police (CoLP), conducted a search operation at a residential address in East London th... |
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18th May 2010 FSA statement on Johnny Cameron The Financial Services Authority (FSA) has been carrying out an investigation into Johnny Cameron, former Executive Director of The Royal Bank of Scotland Group plc (RBS) and former Chairman of Global Markets. Following this investigation Cameron h... |
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14th May 2010 Financial Services Authority confirms Chesham Building Society merger with the Skipton Building Society The Financial Services Authority (FSA) today announced that it has confirmed the proposed transfer of the engagements of the Chesham Building Society to the Skipton Building Society. Copies of the FSA's written decision are available on the FSA web... |
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13th May 2010 FSA prohibition of Andrew Greystoke and ?400,000 fine on him and Atlantic Law LLP for aiding multi-million pound boiler room share scam upheld The Financial Services and Markets Tribunal has upheld a Financial Services Authority (FSA) decision permanently banning Andrew Greystoke from working in any capacity in financial services and fining him and Atlantic Law LLP (Atlantic Law), an FSA-re... |
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12th May 2010 FSA censures Integrity Financial Solutions Limited for geared traded endowment policy sales and promotion failings The Financial Services Authority (FSA) today publicly censured Integrity Financial Solutions (Integrity) for failings in its role as a product provider and adviser of geared traded endowment policies (GTEPs). Integrity is in voluntary liquidation, ... |
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5th May 2010 FSA fines Alpari and its former money laundering reporting officer, Sudipto Chattopadhyay for anti-money laundering failings The Financial Services Authority (FSA) has imposed a financial penalty of GBP140,000 on Alpari (UK) Ltd (Alpari), an online provider of foreign exchange services for speculative trading, for failing to have in place adequate anti-money laundering sys... |
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30th April 2010 FSA bans three individuals and fines a fourth for mortgage fraud and advice failings The Financial Services Authority (FSA) today announced it has banned three mortgage brokers from working in regulated financial services; another individual has been fined GBP17,500. Investigations into each individual by the FSA revealed failings t... |
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28th April 2010 FSA takes tough action against poor complaint handling in banks The Financial Services Authority (FSA) is taking tough action after finding weaknesses in five banks handling of customer complaints. As a result of the review, five banks are undertaking major changes to the way they deal with complaints and two of... |
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28th April 2010 Financial Services Authority charges ex-hedge fund trader The Financial Services Authority (FSA) today charged Anjam Ahmad, an ex-hedge fund trader, with one count of conspiracy to commit insider dealing contrary to Section 1 of the Criminal Law Act 1977. The offence relates to trading in 22 different shar... |
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27th April 2010 FSA fines Commerzbank for failures in transaction reporting The Financial Services Authority (FSA) has fined the London branch of Commerzbank AG (Commerzbank) GBP595,000 for failing to provide accurate transaction reports to the FSA. Firms are required to ensure they submit accurate data for reportable trans... |
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26th April 2010 FSA consults on use of certain new powers granted by the Financial Services Act 2010 The consultation paper includes proposed Handbook changes in relation to the following areas: To redraft the provisions requiring disclosure of short-selling positions and place them in a new part of the Handbook covering financial stability and ... |
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22nd April 2010 FSA imposes fines of GBP4.25m on Winterflood and two traders for market abuse following success in Court of Appeal The Financial Services Authority (FSA) today won its market abuse case in the Court of Appeal against Winterflood and two of its traders, Stephen Sotiriou and Jason Robins. The appeal hearing follows an earlier finding of market abuse by the Financia... |
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16th April 2010 FSA fines London IFA GBP24,500 for pension switching advice failings The Financial Services Authority (FSA) today fined Robin Bradford (Life and Pension Consultants) Ltd (Robin Bradford), a London based IFA firm, GBP24,500 for exposing customers to unacceptable levels of risk of receiving poor pension switching advice... |
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16th April 2010 FSA fines and bans Patel and Chhabra for repeated market abuse Sameer Patel and Robin Chhabra have today been fined GBP180,541 and GBP95,000 respectively for market abuse by the Financial Services Authority (FSA). Patel's penalty included disgorgement of the profits he made through market abuse. The ... |
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15th April 2010 London stock broking firm and senior director fined for penny share failings The Financial Services Authority (FSA) has fined Hythe Securities Limited (Hythe), a London-based stock broking firm and its senior director, Meenaz Mehta a total of GBP235,000 - Meenaz Mehta is also banned from holding senior positions in any f... |
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15th April 2010 The Financial Services Authority (FSA) today announced the appointment of Tony Hobman as the chief executive of the newly created Consumer Financial Education Body (CFEB). The Financial Services Authority (FSA) today announced the appointment of Tony Hobman as the chief executive of the newly created Consumer Financial Education Body (CFEB). Tony Hobman is currently chief executive of the Pensions Regulator and has h... |
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13th April 2010 FSA fines and bans former Northern Rock deputy chief executive and credit director for misreporting mortgage arrears figures The Financial Services Authority (FSA) has today fined David Baker, former deputy chief executive of Northern Rock Plc (NR), GBP504,000 and Richard Barclay, former managing credit director at NR, GBP140,000. Baker has also been prohibited from perf... |
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12th April 2010 FSA bans and fines North West London mortgage broker for submitting fraudulent mortgage applications The Financial Services Authority (FSA) has fined mortgage broker Gary Lester GBP103,000 for knowingly submitting 42 mortgage applications to lenders containing false and misleading income information for his customers, and committing mortgage fraud t... |
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12th April 2010 Kensington Mortgage Company Limited fined GBP1.225 million for unfair treatment of some customers in arrears and will pay estimated GBP1.066 million customer redress The Financial Services Authority (FSA) has today announced it has fined Kensington Mortgage Company Limited (Kensington) GBP1.225 million for poor treatment of some customers facing mortgage arrears. The firm has agreed to redress customers who were... |
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9th April 2010 More than GBP150 million in redress but further industry action needed as FSA updates on pension switching The Financial Services Authority (FSA) today published the findings of its follow-up work to improve the quality of pension switching advice. The findings will see a number of firms carry out past business reviews that will deliver more than GBP150 m... |
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8th April 2010 FSA issues fines totalling GBP4.2m for transaction reporting failures The Financial Services Authority (FSA) has fined three firms a total of GBP4.2m for failing to provide accurate and timely transaction reports to the FSA. The three firms are Credit Suisse (GBP1.75m fine), Getco Europe Limited (GBP1.4m) and Instinet... |
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6th April 2010 FSA appoints new director The Financial Services Authority (FSA) has appointed Tom Kelly as its new communications director. Tom Kelly joins from BAA, where he has been director of communications since 2007. A former BBC journalist, his previous civil service roles also incl... |
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1st April 2010 FSA bans independent financial adviser for not having appropriate systems and controls in place The Financial Services Authority (FSA) has banned Martyn Powsney, the former director of Powsney & Co Ltd, an IFA firm based near Manchester, from holding positions of significant influence in any FSA authorised firm. Pownsey, who failed to put i... |
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31st March 2010 Seven charged in FSA insider dealing investigation The Financial Services Authority (FSA) today charged seven people with 13 charges in respect of conspiracy to deal on inside information obtained by the defendants from two major investment banks. One defendant has additionally been charged with an... |
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30th March 2010 FSA consults on enhanced client asset protection The Financial Services Authority (FSA) has today published a consultation on changes to its client asset rules. The aim of the consultation is to ensure that clients have confidence their money and assets are safe and will be returned within a reason... |
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30th March 2010 FSA commences criminal proceedings against third individual for insider dealing The Financial Services Authority (FSA) confirms that it has commenced criminal proceedings against Helmy Omar Sa'aid for the offences of insider dealing and conspiracy to commit insider dealing. On 30 March 2010 Mr Sa'aid appeared before the City o... |
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26th March 2010 FSA introduces additional guidance for building societies The Financial Services Authority (FSA) has today introduced additional handbook guidance to ensure that building societies diversifying from traditional business models have the risk management systems and skills necessary to operate safely. The FS... |
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26th March 2010 FSA publishes rules on adviser charging The Financial Services Authority (FSA) has today published new rules that will remove commission bias from advice on retail investment products, helping to restore consumer confidence in this market. The Retail Distribution Review (RDR) aims to put... |
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25th March 2010 FSA wins summary judgment against Pruthi, Anderson and Peacock Following a summary judgment application brought by the Financial Services Authority (FSA), the High Court today found that John Anderson, Kenneth Peacock and Kautilya Nandan Pruthi (the defendants) were in breach of section 19 of the Financial Servi... |
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24th March 2010 Seventh individual arrested in FSA and SOCA insider dealing investigation Further to yesterday's press release regarding the joint Financial Services Authority (FSA) and Serious Organised Crime Agency (SOCA) insider dealing investigation, the FSA confirms that a seventh individual has been arrested today. Following questi... |
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23rd March 2010 FSA publishes Mortgage Market Review Feedback Statement The Financial Services Authority (FSA) has published its Mortgage Market Review feedback statement summarising the responses received following its Mortgage Market Review discussion paper (DP), which was published on 19 October 2009. The FSA receive... |
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23rd March 2010 Six arrested in FSA and SOCA insider dealing investigation In the first operation carried out jointly between the Financial Services Authority (FSA) and the Serious Organised Crime Agency (SOCA), 16 addresses have been searched this morning in London, the South East and Oxfordshire in the FSA's largest ever ... |
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19th March 2010 Financial Services Authority confirms Chelsea Building Society merger with the Yorkshire Building Society The Financial Services Authority (FSA) has announced that on 18 March it confirmed the proposed transfer of the engagements of the Chelsea Building Society to the Yorkshire Building Society. FSA's written decision. The document sets out the... |
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17th March 2010 FSA publishes Business Plan for 2010/11 The Financial Services Authority (FSA) has today published its Business Plan setting out its priorities for 2010/11. The Plan is a demanding programme of work for the year requiring greater policy and supervisory resources, and focusing... |
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17th March 2010 FSA Chairman discusses potential for new macroprudential policy tools to manage credit and asset price instability New macro prudential policy tools are almost certainly needed to manage potentially unstable cycles of credit and asset prices and these tools may need to distinguish between different types of credit, according to Financial Services Authority (FSA) ... |
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16th March 2010 FSA bans trader for 'mis-marking' The Financial Services Authority (FSA) has today banned Alexis Stenfors, a former proprietary trader at Merrill Lynch International Bank (MLIB), from performing any function in relation to any regulated activity on the grounds that he is not a fit an... |
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15th March 2010 Investment banker and wife charged with insider dealing - third suspect arrested in Mayotte Christian Littlewood, a senior investment banker, and his wife Angie Littlewood (also known as Siew Yoon Lew and Angie Lew) have been charged with 13 counts of insider dealing contrary to section 52 of the Criminal Justice Act 1993 and one count of c... |
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15th March 2010 FSA and Police contact 1,000 share fraud targets after seizing another boiler room 'master list' The Financial Services Authority (FSA) and City of London Police (CoLP) have contacted 1,000 people across the UK to warn them that their personal details are on a 'master list' being used by fraudsters to target and sell them worthless shares. This... |
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12th March 2010 FSA CEO outlines new conduct regulation strategy - consumer protection through early intervention Hector Sants, chief executive of the Financial Services Authority (FSA), today outlined the FSA's new consumer protection strategy. Speaking at the annual Lubbock Lecture at Oxford University's Said Business School, Sants described how the regulator ... |
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11th March 2010 New joint committee proposed to enhance consumer protection The Financial Services Authority (FSA), Office of Fair Trading (OFT) and Financial Ombudsman Service (FOS) have today proposed the creation of a new consumer protection committee to scan for emerging risks. The committee would identify any ri... |
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11th March 2010 Former Cazenove broker sentenced to 21 months in prison for insider dealing Malcolm Calvert, a former equities marketmaker at stock broker Cazenove, was today sentenced to 21 months in prison for insider dealing. Yesterday, Calvert was found guilty of five counts of insider dealing after making GBP103,883 profit. Margare... |
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10th March 2010 FSA publishes Financial Risk Outlook The Financial Services Authority (FSA) today published its Financial Risk Outlook (FRO) outlining the main risks and issues present in its operating environment, affecting firms, markets and consumers. This year's FRO is divided into four sec... |
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10th March 2010 Former Cazenove partner found guilty of insider dealing Malcolm Calvert, a former equities marketmaker at stock broker Cazenove, was today found guilty at Southwark Crown Court on five counts of insider dealing. Calvert made approximately GBP103,883 profit from the trades that took place between June 2003... |
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9th March 2010 FSA update on PPI reforms The Financial Services Authority (FSA) today published feedback to its plans to reform the Payment Protection Insurance (PPI) market and announced a further six week consultation on its revised package of measures. In response to its consultation (C... |
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3rd March 2010 FSA fines IFA director GBP49,000 for putting customers at risk of receiving poor pension switching advice The Financial Services Authority (FSA) has fined Charles Palmer, director of Gloucestershire based IFA network, Financial Ltd, GBP49,000 for management failings which resulted in poor compliance monitoring on pension switching advice during a period ... |
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2nd March 2010 FSA fines and bans Bromley mortgage broker for submitting fraudulent mortgage applications The Financial Services Authority (FSA) has fined Bromley mortgage broker, Dele MacAulay, GBP115,157 for knowingly submitting nine fraudulent mortgage applications for himself, his wife, and his brother. MacAulay, trading as Dele MacAulay Financial ... |
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1st March 2010 FSA finalises new framework for financial penalty-setting The Financial Services Authority (FSA) has today published its new penalties policy, which establishes a consistent and more transparent framework for the calculation of financial penalties, and which could see enforcement fines treble in size. Und... |
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25th February 2010 FSA fines national financial advice firm GBP700,000 for failings relating to Lehman-backed structured product sales The Financial Services Authority (FSA) has today fined RSM Tenon Financial Services Limited (Tenon) GBP700,000 for significant failings in its dvice and sales processes relating to Lehman-backed structured products, and for having poor systems and co... |
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24th February 2010 FSA censures Park Row, announces a customer redress exercise up to GBP7.8m and fines former CEO GBP49,000 The Financial Services Authority (FSA) has publicly censured Park Row Associates Limited (Park Row), a national IFA network, for failing to ensure its sales were suitable and secured customer redress estimated at between GBP5m and GBP7.8m. The FSA ... |
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24th February 2010 FSA issues warning about new share scam The Financial Services Authority (FSA) has issued a warning following the dramatic increase in overseas fraudsters selling shares using the names, registration numbers and addresses of FSA authorised firms and individuals. The FSA has noticed a sign... |
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23rd February 2010 FSA returns GBP270,000 to victims of share fraud The Financial Services Authority (FSA) has recovered approximately GBP270,000 as a result of action taken against companies involved in a share fraud activity. This figure is believed to be the full amount invested by victims and it will be repaid t... |
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18th February 2010 Glasgow stock broker firm fined GBP101,500 The Financial Services Authority (FSA) has fined Glasgow-based stock broking firm Direct Sharedeal Limited (DSL) GBP101,500 after its appointed representative, First Colonial Investments LLP (FCI), used misleading sales pitches which failed to set ou... |
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17th February 2010 Semperian Limited Partnership pleads guilty to change in control offence Today, at the City of Westminster Magistrates Court, Semperian PPP Investment Partners Limited Partnership (Semperian) pleaded guilty to an offence under section 191(3) of the Financial Services and Markets Act 2000 by acquiring an authorised firm be... |
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17th February 2010 FSA takes robust action against Wills & Co to stop it putting customers at risk The Financial Services Authority (FSA) has censured Wills & Co, a London based stockbroking firm, for poor sales practices and not monitoring its advisers properly despite a fine and a previous requirement to take remedial action. Wills & Co ... |
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16th February 2010 Three Turkish oil company executives fined GBP1.16m for market abuse The Financial Services Authority (FSA) has fined Mehmet Sepil, the chief executive officer of Genel Enerji, a Turkish oil exploration company, GBP967,005 for dealing in the shares of UK listed Heritage Oil Plc (Heritage) on the basis of inside inform... |
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15th February 2010 FSA chairman says past assumptions about the benefits of unlimited financial services liberalisation and innovation have to be challenged Policymakers and regulators have to be prepared to challenge recent assumptions about the unlimited expansion and liberalisation of the global financial services sector, Lord Turner said today. Speaking at the Reserve Bank of India in Mumbai, Lord T... |
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15th February 2010 FSA bans London based mortgage broker for incompetence and failing to prevent mortgage fraud The Financial Services Authority (FSA) has banned Walthamstow mortgage broker Kevin Byrne for lacking the integrity and competence to prevent his business being targeted by mortgage fraudsters. An investigation by the FSA revealed Byrne accepted mo... |
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12th February 2010 FSA announces annual funding requirement for 2010/11 The Financial Services Authority (FSA) has today announced its proposed annual funding requirement for 2010/11. The budget reflects the FSA's determination to continue delivering intensive supervision and the substantial international regulatory refo... |
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5th February 2010 Director banned by FSA for Client Money failings The Financial Services Authority (FSA) has banned the director of a Manchester based mortgage and general insurance firm from holding senior positions in the financial services industry after his failure to comply with client money rules resulted in ... |
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4th February 2010 FSA bans West London mortgage broker for submitting fraudulent applications The Financial Services Authority (FSA) has banned mortgage intermediary Andrew Emelife for knowingly submitting mortgage applications to lenders that contained false and misleading income information. Emelife also commissioned an accountant to prov... |
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3rd February 2010 FSA bans hedge fund manager and fines him GBP140,000 for 'mis-marking' The Financial Services Authority (FSA) has banned a London based hedge fund manager and fined him GBP140,000 for deceiving investors by mis-marking funds he managed and misleading the FSA during the investigation. Simon Treacher was an FSA approved ... |
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1st February 2010 FSA and Police launch 'Operation WARN' to prevent thousands of people from becoming victims of share fraud The Financial Services Authority (FSA) and City of London Police have this week written to 6,500 homes across the UK to warn people that their details are on a master' list being used by share fraudsters to target people and sell them worthless share... |
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1st February 2010 FSA targets small cap sales practices The Financial Services Authority (FSA) has censured Falcon Securities (UK) Limited (Falcon), a London-based stock broking firm, for numerous failures by its appointed representative, Montague Pitman Securities Limited (MPS), in the way it treated its... |
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1st February 2010 SEC and UK FSA Hold Fifth Meeting of the SEC-FSA Strategic Dialogue Today, Financial Services Authority (FSA) chairman Lord Turner and chief executive Hector Sants, and US Securities and Exchange Commission (SEC) chairman Mary Schapiro met as part of the SEC-FSA Strategic Dialogue. The purpose of the Dialogue, which ... |
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29th January 2010 FSA introduces further protections for sale and rent back customers The Financial Services Authority (FSA) has today published new rules and guidance which put in place a strong framework of consumer protection for vulnerable consumers in the sale and rent back (SRB) market. The FSA adopted a two-stage approac... |
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29th January 2010 Three arrested in FSA insider dealing investigation Three 38-year-old men were arrested yesterday in connection with an investigation by the Financial Services Authority (FSA) into suspected insider dealing. Search warrants were executed at four addresses in London as part of the operation. All... |
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28th January 2010 FSA outlines latest steps to address corporate governance at firms The Financial Services Authority (FSA) has today issued a Consultation Paper (CP) on effective governance standards within firms. As part of its supervisory enhancement programme, the FSA places greater emphasis on the role of senior management at f... |
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27th January 2010 Derbyshire firm and its two partners fined a total of GBP49,000 The Financial Services Authority (FSA) has levied fines totalling GBP49,000 on a Derbyshire based financial advice firm and its two partners. The failings at Sett Valley Insurance Services (Sett Valley) were identified during an FSA visit focussing... |
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26th January 2010 FSA sets out new steps to ensure that borrowers in arrears are treated fairly and to reduce levels of mortgage fraud The Financial Services Authority (FSA) has today set out a package of measures that will help to ensure that mortgage holders in arrears are treated fairly and which reinforces the FSA's tough stance in its battle against mortgage fraud. The propos... |
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21st January 2010 FSA Chairman calls for close engagement between accounting standard setters and prudential regulators of banks FSA chairman, Lord Turner, today called for close engagement between global accounting standard setters and those responsible for prudential regulation of the banking sector to address issues arising from the unique systemic nature of banks. Financ... |
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21st January 2010 FSA outlines concerns about firms' handling of clients' money and assets The Financial Services Authority (FSA) has sent a letter and report to the chief executive officers (CEOs) of major insurance brokers and investment firms which are able to hold money or assets on behalf of clients. The letter draws attention t... |
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20th January 2010 FSA fines and bans Bolton mortgage broker for failing to act with competence and capability The Financial Services Authority (FSA) has fined and banned Bolton based mortgage and insurance broker, Riaz Ahmad. Ahmad has been fined GBP5,000 and prohibited from working in regulated financial services for failing to act with competence ... |
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20th January 2010 FSA fines Standard Life GBP2.45m for serious systems and controls failures Pension Sterling Fund customers misled about underlying investment risks First significant fine of 2010 signals FSA intentions The Financial Services Authority (FSA) has today fined Standard Life Assurance Limited (SLAL) GBP2.45m for serious syst... |
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19th January 2010 Insurance fraudster banned by FSA for deceiving customers out of almost GBP400k The Financial Services Authority (FSA) has banned an insurance company director for lying to his customers, lying to the FSA and failing to pass on insurance premiums. Mark Hazelwood operated Synergys Ethical Limited from Whitwell in Hertfor... |
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18th January 2010 FSA removes director's approval to hold senior positions for two years The Financial Services Authority (FSA) has revoked the approval of a Durham-based director of a mortgage broker firm, preventing him from holding senior positions in the financial services industry for at least two years. Roger Collins was the only... |
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14th January 2010 FSA bans insurance broker for failing in his duties as a director The Financial Services Authority (FSA) has banned Stephen Allen, a director of insurance broker, Fabien Risk Services Ltd, for failing in his duties as a director of a regulated firm. Allen's ban means he is prohibited from holding any manage... |
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12th January 2010 FSA takes action against London mortgage broker for lack of openness and co-operation with the regulator The Financial Services Authority (FSA) has removed the approval of London-based mortgage broker Olayinka Oladipupo for not being fit and proper to run an authorised firm. The permission of Trinity Network Services Limited (Trinity), where Oladi... |
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11th January 2010 Research analyst and spread better friend committed market abuse, says Tribunal A former research analyst, Robin Chhabra, and his friend Sameer Patel have been found to have committed market abuse by using inside information to carry out a series of profitable spread bets. The decision by the Financial Services and Markets Tri... |
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7th January 2010 FSA fines Northern Ireland mortgage firm for failing to prevent fraud and bans one of its partners The Financial Services Authority (FSA) has fined County Down mortgage intermediary Case Funding Centre (CFC) GBP35,000 for failures which led to at least 16 fraudulent mortgage applications being submitted to lenders. James Ian Shanks, a form... |
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6th January 2010 FSA starts criminal proceedings against former iSOFT directors The FSA confirms that it has commenced criminal proceedings against four former directors of iSOFT Group Plc for the offence of conspiracy to make misleading statements, contrary to section 397 (1)(a) and (2) of the Financial Services and Markets Act... |
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5th January 2010 FSA appoints consumer senior advisor The Financial Services Authority (FSA) today announced the appointment of Julian Edwards to the role of consumer senior advisor. Julian, who will take up the role from 1 January, has more than 30 years experience as a consumer champion working for v... |
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17th December 2009 Director fined GBP75,000 and banned from the industry for lying to FSA The Financial Services Authority (FSA) has fined the director of a West Midlands financial adviser firm GBP75,000 for lying repeatedly to the regulator, and banned him from the industry. Simon Kuun ran MFP Group Plc (MFP), a financial planning firm ... |
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17th December 2009 Toronto Dominion fined GBP7m for repeated failings The Financial Services Authority (FSA) has today fined Toronto Dominion Bank (London Branch) (Toronto Dominion) GBP7m for repeated systems and controls failings around the pricing of sophisticated financial products - forcing the bank to make a ... |
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16th December 2009 FSA consults on raising professional standards for all investment advisers The Financial Services Authority (FSA) has today published proposals for enhancing the professionalism of investment advisers under the Retail Distribution Review (RDR). The RDR is seeking to rebuild people's trust and confidence in the retail inves... |
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16th December 2009 FSA bans partner for failing to manage affairs of her mortgage firm properly The Financial Services Authority (FSA) has banned Nighat Mirza, a partner at a Manchester-based mortgage brokerage, for lacking competence and for failing to manage the firm's affairs properly. Mirza was a partner of KS Financial and became an appr... |
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11th December 2009 FSA strengthens stress testing regime The Financial Services Authority (FSA) has strengthened its stress testing regime by requiring firms to improve their stress testing capability, enhance their capital planning stress testing and by introducing a reverse stress testing requirement for... |
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11th December 2009 FSA appoints a new senior advisor The Financial Services Authority (FSA) today announced the appointment of a new senior advisor. Graham Halliday will advise across the FSA, with reference to his specialist area; retail banking. Graham joins the FSA part time. He has 37 ... |
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10th December 2009 FSA consults on strengthening firms' capital standards The Financial Services Authority (FSA) has today issued proposals aimed at ensuring the financial soundness of firms by strengthening the prudential regime. The consultation paper sets out the FSA's proposals for implementing changes that are r... |
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10th December 2009 Corporate broker intern and his father receive 12 and 24 month prison sentences respectively for insider dealing Former corporate broker intern, Matthew Uberoi and his father, Neel Uberoi, were today sentenced 12 and 24 month prison sentences respectively for insider dealing. The court adjourned the case until 14th December to consider the appropriate level o... |
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8th December 2009 FSA publishes feedback statement on remuneration The Financial Services Authority (FSA) has today published the summarised feedback it received on whether to extend its code on remuneration policies to other FSA-authorised firms. The FSA's remuneration code comes into force for large banks, build... |
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7th December 2009 FSA bans broker for high pressure sales techniques and widespread systems and controls failings FSA bans broker for high pressure sales techniques and widespread systems and controls failings. The Financial Services Authority (FSA) has banned Aaron Nickols, trading as Warwick Finance (Warwick) for not being fit and proper to run a mortgage and... |
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7th December 2009 New Chairman of the Practitioner Panel appointed The Financial Services Authority (FSA) today announced the appointment of Iain Cornish as Chairman of the Financial Services Practitioner Panel for two years from 1 December 2009. Iain takes the place of Nick Prettejohn, who stands down having compl... |
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2nd December 2009 Insurance broker brothers banned for concealing criminal record from FSA The Financial Services Authority (FSA) has banned two Leytonstone insurance brokers, Faraz Ahmed Siddique and Waqas Ahmed Siddique, for lying to cover up Waqas Siddique's criminal conviction. Waqas Siddique was charged with conspiracy to defraud in... |
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1st December 2009 FSA bans Northern Ireland mortgage broker for failing to treat customers fairly The Financial Services Authority (FSA) has banned mortgage broker Noel Heaney, trading as Heaney Finance, after identifying wide-ranging management and control problems across his business and for failing to treat his customers fairly. The FSA conc... |
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30th November 2009 FSA bans Essex mortgage broker for advice failings and not having appropriate systems and controls in place The Financial Services Authority (FSA) has banned Essex based mortgage broker, Antoinette Davis, for not being fit and proper to run a mortgage brokerage. The permission of Antoinette Davis, trading as Ability Mortgage Solutions, has also been cancel... |
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26th November 2009 FSA appoints senior advisors on governance and authorisation The Financial Services Authority (FSA) has announced the appointment of five new senior advisors who will assist the FSA in its work on governance issues. These advisors will provide input into developing the FSA's regulatory framework for ensu... |
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24th November 2009 FSA fines Nomura GBP1.75 million for inadequate systems and controls The Financial Services Authority (FSA) has fined Nomura International Plc (Nomura) GBP1.75 million for widespread systems and controls failings around book marking within its International Equity Derivatives (IED) business. The systems and controls ... |
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23rd November 2009 Macro prudential tools vital to future financial stability Lord Turner, chairman of the Financial Services Authority (FSA), today said that reforms to the regulation and supervision of individual financial firms need to be combined with new macro prudential tools to guard against the risks of future financia... |
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17th November 2009 FSA fines former stockbroker GBP24,000 for market abuse The Financial Services Authority (FSA) has today fined Mr Alexei Krilov-Harrison, a former stockbroker at Pacific Continental Securities UK Ltd (PCS), GBP24,000 for using inside information about an AIM-traded company to encourage his clients to buy ... |
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13th November 2009 FSA fines and bans former UBS employee for helping conceal unauthorised trading losses The Financial Services Authority (FSA) has banned and fined Andrew Cumming, a former client adviser at the London branch of UBS AG (UBS), for his role in the activities that led to the firm receiving an GBP8 million fine earlier this month for system... |
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13th November 2009 Jon Pain addresses mortgage industry on FSA's mortgage market review proposals Speaking at the Council of Mortgage Lenders' Annual Conference, Jon Pain, the Financial Services Authority's (FSA) managing director of Supervision, said it is important to acknowledge that although the mortgage market worked well for many, it failed... |
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11th November 2009 FSA proposes to strengthen prudential standards for credit unions The Financial Services Authority (FSA) has today set out its proposals for strengthening the financial resilience of the credit union sector and ensuring that its customers are adequately protected. The proposals aim to raise prudential standards i... |
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11th November 2009 Mortgage broker banned for concealing true nature of governance arrangements from the FSA and for mortgage fraud The Financial Services Authority (FSA) has banned Birmingham mortgage broker Mohammed Hanif for obtaining authorisation by giving the FSA false information to conceal his involvement in the running of the business. The authorisation applicati... |
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10th November 2009 FSA to simplify system for calculating regulatory fees The Financial Services Authority (FSA) has today announced proposals to simplify the structure of the fees it levies on regulated firms and to enhance fairness and transparency. Following a review of its approach for determining the annual fees that... |
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9th November 2009 FSA chief says cultural change needed to drive reform Reform will only come if both the regulator and the regulated are committed to genuine change, according to Financial Services Authority (FSA) chief executive Hector Sants. Speaking today at Bloomberg, London, Hector Sants emphasised how the FSA has... |
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6th November 2009 FSA sets out new prudential regime for personal investment firms The Financial Services Authority (FSA) has today set out its new prudential regime for personal investment firms (PIFs) to ensure that they are better capitalised to withstand any future financial shocks. Under the new rules, all PIFs will have to ... |
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6th November 2009 Arrest made as FSA continues clamp down on share fraud The Financial Services Authority (FSA) yesterday took action against two individuals and seven businesses suspected of involvement in 'boiler room' share fraud activity. With the assistance of the City of London Police, the FSA executed search warra... |
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5th November 2009 FSA fines UBS GBP8million for failing to prevent employees carrying out unauthorised transactions with customer money The Financial Services Authority (FSA) today fined UBS AG (UBS) GBP8million for systems and controls failures that enabled four employees to carry out unauthorised transactions involving customer money on at least 39 accounts. The unauthorised activ... |
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4th November 2009 Former corporate broker intern and father found guilty of insider dealing Matthew Uberoi and his father, Neel Uberoi, were today found guilty of 12 counts of insider dealing at Southwark Crown Court. Neel Uberoi made about GBP110,000 profit based on inside information provided by Matthew Uberoi. The insider dealing prose... |
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2nd November 2009 FSA chairman says 'no silver bullet' to address 'too-big-to-fail' challenge There is no 'silver bullet' to address the problem of banks being 'too-big-to-fail', but instead the answer lies in a combination of different policies between which trade-offs can be made, according to Adair Turner, speaking this morning at the FSA'... |
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29th October 2009 GMAC-RFC Limited fined GBP2.8million for unfair treatment of customers in arrears and repossessions and will pay up to GBP7.7m customer redress The Financial Services Authority (FSA) has today announced it has fined GMAC-RFC Limited (GMAC-RFC) GBP2.8million for failing to treat customers fairly and secured redress of up to GBP7.7million (plus interest) for over 46,000 mortgage customers. Be... |
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28th October 2009 FSA begins new banking regulation to promote fairness for consumers The Financial Services Authority (FSA) will begin regulating banks' and building societies' day-to-day contact with their customers from 1 November 2009, covering everything from direct debits, payments, instant access and savings accounts through to... |
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28th October 2009 Swinton to offer refunds on over 480,000 PPI policies following FSA intervention The Financial Services Authority (FSA) has fined Swinton Group Ltd, the high street insurance broker, GBP770,000 for serious failings in their advised sales of single premium payment protection insurance (PPI). Following discussions with the regulat... |
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27th October 2009 FSA takes action to help investors with Lehman-backed structured products The Financial Services Authority (FSA) has today announced tough and wide-ranging action to help investors who received unsuitable advice or misleading promotional material when they bought a Lehman-backed structured product, as well as measures to a... |
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26th October 2009 FSA announces tough new code for financial reporting disclosure The Financial Services Authority (FSA) has announced today that the major UK-headquartered banks have agreed to implement a tough new code for financial reporting disclosure. The code forms part of proposals, designed to enhance investors' confidenc... |
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22nd October 2009 FSA publishes further analysis on systemically important banks and the cumulative impact of capital and liquidity reform The Financial Services Authority (FSA) has today issued a discussion paper (DP) focusing on policy measures to address the problem of systemically important 'too-big-to-fail' banks. The paper also examines the trade-offs involved in increasing capita... |
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21st October 2009 FSA bans another East London broker for mortgage fraud The Financial Services Authority (FSA) has banned Barking-based mortgage broker, Tomilola Omolola Ogunmoye for knowingly submitting false and misleading information about her income to four lenders to obtain mortgages for herself. As well as submitt... |
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19th October 2009 FSA sets out major reforms for the mortgage market The Financial Services Authority (FSA) today sets out proposals for the major reforms required in the UK mortgage market to ensure that it works better for consumers and is sustainable for all market participants. The proposals, published in the mor... |
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14th October 2009 FSA outlines its approval and interview process for significant influence functions The Financial Services Authority (FSA) has written to the CEOs of 5,000 regulated firms to reinforce how its intensive regulatory approach applies to approving and supervising senior personnel performing significant influence functions (SIFs). The l... |
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13th October 2009 FSA makes four new appointments to the Consumer Panel The Financial Services Authority (FSA) today announced four new appointments to the Financial Services Consumer Panel (FSCP) to help in its continuing role of advising the FSA on the interests and concerns of consumers. Kay Blair has been a member ... |
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12th October 2009 FSA bans East London mortgage broker for misleading lenders The Financial Services Authority (FSA) has banned East London based mortgage broker, Ayodele Olubunmi Thomas, for knowingly submitting false and misleading information about his income to obtain mortgages and loan advances. Her Majesty's Revenue and... |
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8th October 2009 FSA fines Seymour Pierce GBP154,000 for failing to prevent employee fraud The Financial Services Authority (FSA) has today fined London-based investment bank and stockbroker Seymour Pierce Limited GBP154,000 for failing to establish effective controls to guard against employee fraud. As a result of Seymour Pierce's failin... |
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7th October 2009 Dresdner traders censured for abuse in debt market The Financial Services Authority (FSA) has today censured Darren Morton, a director and Christopher Parry, a vice president at Dresdner Kleinwort (now part of Commerzbank) for committing market abuse in relation to a new issue of Barclays' bonds. &nb... |
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7th October 2009 FSA and firms reach agreement on MPPI The Financial Services Authority (FSA) and Mortgage Payment Protection Insurance (MPPI) firms have agreed an industry-wide package of measures for consumers, including refunds of around GBP60 million. The industry has acted in response to FSA concer... |
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6th October 2009 FSA chairman outlines factors for successful European regulation Lord Turner, chairman of the Financial Services Authority (FSA), today set out the factors that will determine the success of plans to change the structure of regulation in Europe. He was speaking at the City of London Corporation's Annual Rece... |
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5th October 2009 FSA finalises far-reaching overhaul of UK liquidity regulation The Financial Services Authority (FSA) has today published its final rules on the liquidity requirements expected of firms. The far-reaching overhaul, designed to enhance firms' liquidity risk management practices, is based on the lessons learned s... |
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1st October 2009 FSA sets out policy on short selling The Financial Services Authority (FSA) has today issued a Feedback Statement that confirms that it intends to pursue enhanced transparency of short selling through disclosure of significant short positions in all equities. However, it will work... |
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30th September 2009 FSA publishes feedback to the Turner Review and associated discussion paper The Financial Services Authority (FSA) has today published a response to the feedback it received to the Turner Review and associated discussion paper (DP) issued in March. The feedback statement sets out the FSA's analysis of the responses received... |
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29th September 2009 FSA unveils tough measures to protect PPI consumers The Financial Services Authority (FSA) has today announced a package of tough measures to protect consumers in the Payment Protection Insurance (PPI) market and ensure they are better treated when buying PPI or complaining about it. Firms representi... |
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28th September 2009 FSA proposes significant strengthening of protections for sale and rent back customers The Financial Services Authority (FSA) today set out a package of measures aimed at protecting vulnerable consumers in the sale and rent back (SRB) market. Exploitative advertising and high-pressure sales techniques will be banned under the new prop... |
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23rd September 2009 FSA reaffirms approach to consumer responsibilities The Financial Services Authority (FSA) has today issued a feedback statement reaffirming its regulatory approach to balancing the responsibilities of consumers and firms, which it first set out in Discussion Paper 08/05. The 2008 paper articu... |
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22nd September 2009 FSA chairman insists that the momentum for reform must be maintained Lord Turner, chairman of the Financial Services Authority (FSA), today insisted that the momentum for regulatory reform must be maintained, despite recent signs of economic improvement. Speaking at the Lord Mayor's City Banquet, he said that fa... |
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17th September 2009 Sally Dewar addresses FSA Asset Management Sector conference Sally Dewar, managing director of Wholesale Markets at the Financial Services Authority (FSA), today set out how the EU Alternative Investment Fund Management Directive could be made more workable for the industry and why a risk-based and global appr... |
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16th September 2009 FSA warns penny share customers The Financial Services Authority (FSA) is taking action against penny share dealers after finding that older people are being targeted with high pressure sales tactics. So far this year, the FSA has ordered eleven firms out of the penny share... |
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16th September 2009 FSA and SEC discuss approaches to global regulatory requirements Hector Sants, chief executive of the UK Financial Services Authority (FSA) and Mary Schapiro, chairman of the US Securities and Exchange Commission (SEC), today announced plans to explore approaches to reporting and other regulatory requirements for ... |
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15th September 2009 FSA bans mortgage broker for inadequate controls at his firm The Financial Services Authority (FSA) has banned mortgage broker Arthur Kirk, trading as Grosvenor Mortgage Advice Centre, for failing to establish proper systems and controls at his business based in Manchester. As a result of these failings the ... |
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11th September 2009 FSA update on Lehmans-backed structured products Following the collapse of Lehman Brothers, the Financial Services Authority (FSA) and Financial Ombudsman Service (Ombudsman) have been looking at the potential detriment this has caused for investors in the UK structured products market. In M... |
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10th September 2009 Mortgage broker fined GBP6,000 by court in FSA's first criminal prosecution for change of control failures Vijay Kumar Sharma, sole director of mortgage broker Exetra (UK) Limited, pleaded guilty yesterday at City of Westminster Magistrates Court to charges of acquiring a controlling interest in the firm without giving the Financial Services Authority (FS... |
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10th September 2009 FSA and ABI launch pension calculator to help people plan for retirement Almost one third of people may face financial difficulties when they retire, according to new research, and today the Financial Services Authority (FSA) and Association of British Insurers (ABI) are launching a tool to help. The online pension calc... |
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9th September 2009 FSA fines firm GBP14,000 for financial advice failings The Financial Services Authority (FSA) has today fined a Kent financial advice firm GBP14,000 for failing to demonstrate that its advice on investment products was suitable. The most serious failings related to Henry Neil Ltd's (HNL) advice that cust... |
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8th September 2009 FSA fines Barclays GBP2.45m for failures in transaction reporting The Financial Services Authority (FSA) has fined Barclays Capital Securities Ltd and Barclays Bank PLC (Barclays) GBP2.45m for failing to provide accurate transaction reports to the FSA and for serious weaknesses in systems and controls in relation t... |
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3rd September 2009 FSA publishes industry-level complaints data to increase transparency The Financial Services Authority (FSA) has today for the first time published aggregate figures showing how many complaints regulated firms have received and how they have dealt with them. As part of the FSA's wider commitment to publishing more inf... |
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2nd September 2009 FSA fines broker for failing to prevent insider dealing The Financial Services Authority (FSA) has fined Mark Lockwood, a former trading desk manager at a retail stockbroking firm, GBP20,000 for failing to observe proper standards of market conduct. Lockwood failed to identify and act on a suspiciou... |
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1st September 2009 FSA takes action against chief executive of mortgage network for poor controls over appointed representatives The Financial Services Authority (FSA) has withdrawn the approval for Steven Moorley, director of Premier Network Group Ltd (in liquidation) in Leicestershire, to perform the roles of chief executive and "apportionment and oversight of responsibiliti... |
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27th August 2009 FSA appoints Julian Adams as director of retail firms division The Financial Services Authority (FSA) today announced the appointment of Julian Adams as the director of the FSA’s retail firms division (RFD). RFD supervises around 900 firms operating in the retail market, including fund managers, building soci... |
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25th August 2009 FSA fines director for not disclosing information about adviser The Financial Services Authority (FSA) has fined Christopher Davies, director of Newquay Investment Services (2004) Limited, an IFA based in Cornwall, GBP17,500 for not disclosing to the FSA important information about an adviser Davies had employed ... |
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20th August 2009 FSA and CFTC to enhance regulatory cooperation and cross-border surveillance of oil markets Lord Turner, chairman of the Financial Services Authority (FSA) and Gary Gensler, chairman of the U.S. Commodity Futures Trading Commission (CFTC), today announced that they have taken steps to strengthen cross border supervision of the energy future... |
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19th August 2009 FSA bans and fines mortgage broker GBP70,000 for mortgage fraud The Financial Services Authority (FSA) has banned a London mortgage broker, Grace Nmadibechi Ada Ukala, and fined her GBP70,000 for knowingly submitting false and misleading mortgage applications. Ukala was an FSA approved person and the director o... |
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19th August 2009 FSA provides clarity for activist shareholders The Financial Services Authority (FSA) has set out how its rules apply to activist shareholders who wish to work together to promote effective corporate governance in companies in which they have invested. The FSA said in a letter sent to trade... |
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12th August 2009 FSA confirms introduction of remuneration code of practice The Financial Services Authority (FSA) has today introduced a new code that will require large banks, building societies and broker dealers in the UK to establish, implement and maintain remuneration policies consistent with effective risk management... |
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4th August 2009 FSA fines and bans Newcastle Home Loans and its directors for false information in mortgage applications The Financial Services Authority (FSA) has banned Newcastle Home Loans (NHL), a mortgage broker based in Newcastle, from carrying out regulated mortgage activities. The FSA worked closely with Northumbria Police and the Solicitors Regulation Author... |
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3rd August 2009 FSA bans Cornwall mortgage broker for fraud The Financial Services Authority (FSA) has banned Cornwall mortgage broker Stephen Sanders for submitting at least three mortgage applications on behalf of customers which he knew contained false and misleading income information. Sanders also withh... |
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30th July 2009 FSA imposes public censure on Cheshire Life & Pensions FSA/PN/105/200930 July 2009 The Financial Services Authority (FSA) has today imposed a public censure on a Derbyshire financial advice firm for failing to ensure its advice on pension income drawdown products was suitable. The problems at Cheshire... |
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27th July 2009 FSA confirms changes to the rules for approved persons FSA/PN/104/200927 July 2009 The Financial Services Authority (FSA) has today confirmed an extension of the approved persons regime for those that perform a 'significant influence' function at firms. In its supervisory enhancement programme (SEP) t... |
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24th July 2009 FSA announces changes to the Financial Services Compensation Scheme The Financial Services Authority (FSA) is introducing new rules for the Financial Services Compensation Scheme (FSCS) on banks, building societies and credit unions, which will see individuals and small businesses compensated quicker, and will ensure... |
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24th July 2009 FSA confirms changes to with-profits rules The Financial Services Authority (FSA) has today confirmed that proprietary life insurance companies will not be able to meet future compensation and redress payments from their with-profits funds. These changes mean that any liabilities arising fro... |
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24th July 2009 FSA confirms transfer of business of Britannia Building Society to the Co-operative Bank plc FSA/PN/103/200924 July 2009 The Financial Services Authority (FSA) today announced that it has confirmed the transfer of the business of the Britannia Building Society to the Co-operative Bank plc under the Building Societies Act 1986. A copy of t... |
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22nd July 2009 HSBC firms fined over GBP3m for information security failings The Financial Services Authority (FSA) has fined three HSBC firms over GBP3 million for not having adequate systems and controls in place to protect their customers' confidential details from being lost or stolen. These failings contributed to custom... |
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22nd July 2009 FSA grants new waiver to firms on complaints handling The Financial Services Authority (FSA) has offered firms a new waiver from its complaints handling rules regarding unauthorised overdraft charges for up to six months. The new waiver has been granted to those firms who signed up to the January 2009 ... |
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21st July 2009 FSA fines and bans directors for mismanaging investment scheme and fines firm for financial promotions failings The Financial Services Authority (FSA) has banned and fined the directors of a Yorkshire-based financial group for their misleading promotions and the mismanagement of an investment scheme ("the scheme") which put 53 customers at serious risk of losi... |
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17th July 2009 FSA appoints Gareth Adams as senior advisor The Financial Services Authority (FSA) today announced the appointment of Gareth Adams as a senior advisor. Gareth will start on 3 August and will advise on the asset management sector, an area in which he has extensive experience. Gareth was, until... |
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15th July 2009 FSA bans director for inadequate control of his firm and winds up the business The Financial Services Authority (FSA) has prohibited Graham Darby, Director of insurance broker Ambrose Darby, for failing to control the business of the firm adequately. The order bans Darby performing significant influence functions at any a... |
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15th July 2009 Empowering consumers through improving financial capability Lord Turner, chairman of the Financial Services Authority (FSA), said that a clear regulatory commitment to deliver consumer protection needs to be combined with policies to build customer capability. Speaking at the FSA's Financial Capability 'Hel... |
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13th July 2009 FSA bans Essex mortgage broker for fraud The Financial Services Authority (FSA) has banned Essex mortgage broker Daniel Esqulant for submitting four mortgage applications for himself and one for a close relative all supported by false and misleading income information. The earnings of Esqu... |
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9th July 2009 FSA plans better information for consumers on firms' complaints handling The Financial Services Authority (FSA) is today publishing proposals that will enable people to see how firms handle complaints - including the number received, the main products and services covered and how quickly they are resolved. The proposals ... |
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9th July 2009 FSA bankrupts fraudulent mortgage broker for non-payment of financial penalty The Financial Services Authority (FSA) has secured a bankruptcy order in the High Court against former East London mortgage broker Sadia Nasir for non-payment of a GBP129,000 financial penalty levied on her by the FSA for mortgage fraud. This is the... |
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6th July 2009 FSA proposes bigger fines to achieve credible deterrence The Financial Services Authority (FSA) has today published plans to create a consistent and more transparent framework for calculating financial penalties which could mean some fines treble in size. The new plans reflect the FSA's determination to ... |
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3rd July 2009 FSA bans East London mortgage broker for fraud The Financial Services Authority (FSA) has banned Hornchurch-based mortgage broker Abdul Karim for submitting a mortgage application for himself that was based on false information about his income. Margaret Cole, FSA enforcement... |
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2nd July 2009 FSA fines director for appointed representative control failings The Financial Services Authority (FSA) has fined Richard Holmes, a director of insurance broker AIF Limited, GBP20,020 for control failings in relation to an appointed representative firm (AR). In September 2006, Holmes appointed an AR withou... |
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2nd July 2009 Financial Services Authority announces final stage of operational reforms with new integrated operating structure The Financial Services Authority (FSA) has announced a new operational structure designed to better align its internal operating model to its core activities of identifying and mitigating risk, supervision and enforcement. The reorganisation also tak... |
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2nd July 2009 Adam Phillips appointed Chairman of Financial Services Consumer Panel The Financial Services Authority (FSA) today announced that Adam Phillips has been appointed chairman of the Financial Services Consumer Panel. He has been vice chairman of the Panel since 2005 and acting chairman since December 2008. Adam Ph... |
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30th June 2009 FSA chairman tells bankers radical changes in regulation essential Lord Turner, chairman of the Financial Services Authority (FSA), said today that excellent supervision is a necessary but not sufficient condition for financial stability, warning that unless rules are changed radically, future crises will not be avo... |
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29th June 2009 Lord Turner appointed chair of FSB's Standing Committee for Supervisory and Regulatory Co-operation The Financial Services Authority (FSA) chairman, Adair Turner, has been appointed chairman of the Financial Stability Board's Standing Committee for Supervisory and Regulatory Co-operation. The Financial Stability Board (FSB) was re-established in A... |
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26th June 2009 FSA bans director for inadequate supervision of his firm The Financial Services Authority (FSA) has prohibited Simon Robins, Compliance Director of Chase UK Corporation Limited (Chase), for failing to adequately supervise the operations of the firm. As a result of these failings the firm was used by third ... |
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26th June 2009 UK short selling disclosure regime extended The Financial Services Authority (FSA) has today extended, without a time limit, the current disclosure regime for significant net short positions in the stocks of UK financial sector companies due to expire on 30 June. Financial sector companies E... |
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25th June 2009 FSA details the enhanced standards people can expect from all investment advisers The Financial Services Authority (FSA) has today published proposals to build people's trust and confidence in the retail investment market. The FSA has issued a consultation paper on its Retail Distribution Review (RDR), which sets out detailed pro... |
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24th June 2009 FSA publishes Annual Report for 2008/09 The Financial Services Authority (FSA) today published its Annual Report for the year 2008/09. The report details how the FSA performed during the year against its statutory objectives and how it has delivered outcomes for both firms and consumers u... |
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22nd June 2009 FSA refers firms to enforcement in clampdown on poor mortgage arrears handling The latest review from the Financial Services Authority (FSA) has found continued weaknesses in the way specialist lending firms and third party administrators are handling mortgage arrears and repossessions. Four firms have been referred to enforce... |
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16th June 2009 Finance director and two lawyers charged with insider dealing Andrew King, a finance director, and Michael Mcfall and Andrew Rimmington, both lawyers, appeared today at City of Westminster Magistrates' Court charged with 8 counts of insider dealing, contrary to section 52 of the Criminal Justice Act 1993. And... |
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16th June 2009 FSA bans South London mortgage broker for fraud The Financial Services Authority (FSA) has banned Tooting-based mortgage broker Guiliano Chianelli for declaring false and misleading information about his income in order to obtain a mortgage. Chianelli's earnings as stated in his mortga... |
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15th June 2009 New Insurance Sector Director at the FSA The Financial Services Authority (FSA) today announced the appointment of Ken Hogg, currently interim Chief Financial Officer at MGM Assurance, as Insurance Sector director. He will start at the FSA on Monday 6 July and will report to Jon Pain,... |
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10th June 2009 FSA bans broker for failings on mortgage fraud prevention The Financial Services Authority (FSA) has banned North London broker Akin Johnson for systems and controls failings which led to at least eight mortgage applications being submitted to lenders containing false and misleading information. Jonathan P... |
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9th June 2009 Britannia Building Society and Co-operative Financial Services Limited/Co-operative Bank plc: Confirmation Hearing Details The Financial Services Authority (FSA) today announced the arrangements for the hearing of the proposed transfer of the business of Britannia Building Society to Co-operative Bank plc. The confirmation hearing will be held at the Financial Services... |
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8th June 2009 Keydata Investment Services Ltd Keydata Investment Services Ltd ("Keydata") has today been placed into administration on the grounds that it is insolvent. Following an application to the Royal Courts of Justice by the Financial Services Authority (FSA), Dan Schwarzmann and Mark Bat... |
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5th June 2009 FSA consults on additional guidance for building societies The Financial Services Authority (FSA) is today consulting on additional guidance to ensure that building societies diversifying away from the traditional business model have the risk management systems and skills necessary to operate safely. Using ... |
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4th June 2009 FSA proposes extension of separate deposit protection limits The Financial Services Authority (FSA) today proposes to extend until December 2010 interim rules which allow separate compensation cover for customers with deposits in two merging building societies. It also proposes a similar extension for cu... |
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3rd June 2009 FSA to protect sale and rent back customers The Financial Services Authority (FSA) has today published the details of the regime that it aims to introduce on 1 July to tackle immediate problems for customers in the sale and rent back (SRB) market. This follows HM Treasury's announcement yeste... |
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1st June 2009 Financial Services Compensation Scheme Board appointments The Financial Services Authority (FSA) has appointed two new non-executive directors to the board of the Financial Services Compensation Scheme (FSCS) with effect from today. They are: Ivan Rogers Ivan Rogers started his career as a civil ... |
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1st June 2009 FSA proposes to extend short selling disclosure regime The Financial Services Authority (FSA) is today proposing to extend the current disclosure regime for significant net short positions in the stocks of UK financial sector companies, due to expire on 30 June 2009. Extending the regime will continue t... |
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28th May 2009 Six arrested in FSA insider dealing investigation Five men and one woman, aged between 27 and 34, were today arrested in connection with an ongoing investigation by the Financial Services Authority (FSA) into suspected organised insider dealing. Search warrants were also executed at eight addresses ... |
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28th May 2009 FSA statement on its use of stress tests The publication in the US of the results of bank stress tests has provoked considerable interest in the use of stress testing by authorities in other countries, in particular in Europe. Stress testing can and has been used in a variety of diffe... |
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26th May 2009 FSA bans and fines trader GBP140,000 for unauthorised 'pre-hedging' The Financial Services Authority (FSA) has banned and fined trader Nilesh Shroff for deliberately disadvantaging his customers by 'pre-hedging' trades without their consent. Shroff has been prohibited from performing any regulated function on t... |
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20th May 2009 FSA bans trader for concealing his trading position The Financial Services Authority (FSA) has banned David Connor Redmond for seeking to conceal his trading position. Redmond was employed as a trader on the freight desk of Morgan Stanley's commodities division in London where he traded both freight... |
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14th May 2009 FSA bans Bradford mortgage broker for mortgage fraud The Financial Services Authority (FSA) has banned a Bradford mortgage adviser, Sofique Ullah, who traded as M A Financial Services and M A Mortgages (M A Financial Services), for knowingly submitting mortgage applications supported by inaccurate and ... |
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13th May 2009 FSA fines Morgan Stanley GBP1.4m for failing to prevent trader mis-marking and fines and bans Matthew Sebastian Piper The Financial Services Authority (FSA) has today fined Morgan Stanley & Co International Plc (Morgan Stanley) GBP1.4 million for systems and controls failings in relation to trader mis-marking which led the firm to make a $120 million negative ad... |
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12th May 2009 Lord Turner addresses FSA mortgage conference Lord Turner, chairman of the Financial Services Authority (FSA), today set out the complexities and challenges in the mortgage market that need to be considered as part of the regulatory reform that will be announced later this year by the FSA. Spea... |
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11th May 2009 FSA bans and fines mortgage broker GBP101, 279 for fraud The Financial Services Authority (FSA) has banned a mortgage broker and fined him GBP101,279 for submitting a fraudulent mortgage application and for concealing a fraud conviction when applying to the FSA for approval as a directo... |
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7th May 2009 FSA calls for more effective governance and risk management at firms Financial companies need to create board-level governance structures that allow for challenge without creating conflict, Hector Sants, chief executive of the Financial Services Authority (FSA), said today in a speech to the Securities and Investment ... |
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6th May 2009 Seven arrests in FSA operation on boiler rooms The Financial Services Authority (FSA), in close cooperation with the City of London Police Economic Crime Directorate and with assistance from Hertfordshire Constabulary Fraud Squad, earlier today conducted a major operation to search a number of pr... |
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30th April 2009 FSA bans East London mortgage broker for involvement with fraud The Financial Services Authority (FSA) has banned Tower Hamlets based mortgage adviser Zia Chowdhury for certifying client identities for fraudulent mortgage applications. He also operated his firm Express Financial without being approved by the FSA ... |
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29th April 2009 Hedge fund manager banned and fined GBP35,000 for mismarking trading positions to hide losses The Financial Services Authority (FSA) has banned and fined Mr Loic Albert Antoine Montserret, a former portfolio manager at BlueCrest Capital Management Limited (BlueCrest), GBP35,000 for deliberately mismarking his positions in an attempt to avoid ... |
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27th April 2009 Over 65s most likely to be targeted by share fraudsters, warns FSA People over 65 are more likely to be targeted by fraudsters and con artists warned the Financial Services Authority (FSA) today, as it unveiled plans to help protect older people from financial scams by working in partnership with Age Concern and Hel... |
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27th April 2009 FSA chairman expands on themes from Turner Review Lord Turner, chairman of the Financial Services Authority (FSA), said today that the potential macroeconomic costs of tighter regulation for banks had to be set against the benefits of lower risk to financial stability. In a speech at the Global Fin... |
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24th April 2009 New banking regulation promotes fairness for consumers The Financial Services Authority (FSA) will take over all retail banking conduct regulation for deposit taking and payment services in November 2009. Currently, the Banking Code Standards Board (BCSB) monitors and enforces voluntary Banking C... |
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24th April 2009 FSA implements changes to simplify Financial Services Compensation Scheme The Financial Services Authority (FSA) is to go ahead with proposed changes to the compensation limits for insurance, investment and home finance advice business in the event of a firm failing, designed to achieve greater simplicity and con... |
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16th April 2009 FSA bans and fines mortgage broker GBP100,000 for fraud The Financial Services Authority (FSA) has banned a South London mortgage broker and fined him GBP100,000 for his knowing involvement in the submission of false mortgage applications. Abiola Agbalaya was an FSA approved person and sole controller of... |
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14th April 2009 Real help for North West and North East through GBP12m Moneymadeclear service pathfinder HM Treasury and the Financial Services Authority (FSA) today launched Moneymadeclear, a service offering practical and impartial help and information on money matters for people in the North East and North West of England. The new service aims to he... |
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9th April 2009 FSA confirms Industry Guidance designed to help more efficient transfer of investment fund units The Financial Services Authority (FSA) has confirmed Industry Guidance which will facilitate paper-free electronic transfer of ownership of units held in an authorised investment fund (an authorised unit trust or an open-ended investment company). ... |
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8th April 2009 FSA bans directors of mortgage firm for failings on financial crime prevention The Financial Services Authority (FSA) has banned Dorset mortgage brokers Peter and James Dean for failing to prevent their firm from being used to perpetrate financial crime and for other serious regulatory failures. Peter Dean has also been fined G... |
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6th April 2009 FSA bans director for advice failings The Financial Services Authority (FSA) has banned Worcestershire financial adviser Norman Mark McCance for failings related to quality and suitability of advice and compliance at his firm, Penn Financial Services Unlimited (Penn). Penn's main b... |
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6th April 2009 FSA wins case to ban former chief executive of Gen Re business unit The Financial Services Authority (FSA) has won its case before the Financial Services and Markets Tribunal (the Tribunal) to ban Mr Milan Vukelic from working in the financial services industry in the UK. The Tribunal found that Mr Vukelic's ac... |
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2nd April 2009 FSA wins market abuse case against Winterflood The Financial Services Authority (FSA) has won its market abuse case at the Financial Services and Markets Tribunal (the Tribunal) against Winterflood and two of its traders, Mr Sotiriou and Mr Robins. Winterflood is an FSA authorised firm and the l... |
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31st March 2009 Two arrested in FSA insider dealing investigation The Financial Services Authority (FSA) today arrested two people, including a senior corporate finance adviser, in connection with an ongoing investigation into suspected organised insider dealing. Search warrants were also executed by the FSA ... |
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31st March 2009 FSA consults on extra deposit protection for temporary high balances The Financial Services Authority (FSA) today issued a consultation paper seeking views on whether the Financial Services Compensation Scheme (FSCS) should provide extra protection for holders of temporary high deposit balances in the event of the fai... |
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30th March 2009 FSA bans London mortgage broker for fraud The Financial Services Authority (FSA) has banned Walthamstow-based mortgage adviser Ashfaq Ahmed for submitting mortgage applications on his own behalf that were based on false and misleading information about his income. Jonathan Phelan, head of r... |
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27th March 2009 Solicitor and his father-in-law found guilty in FSA insider dealing case Mr Christopher McQuoid, a solicitor, and his father-in-law, Mr James William Melbourne were today found guilty of insider dealing. The case was heard at Southwark Crown Court and is the first insider dealing criminal prosecution brought by the Fina... |
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24th March 2009 FSA censures broker for advice failings on self-certified mortgages The Financial Services Authority (FSA) has publicly censured Doncaster mortgage broking firm Mortgages Remortgages Ltd ('the firm') for failing to ensure it provided suitable advice and exposing up to 80 of its customers to the risk of being so... |
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20th March 2009 FSA confirms Scarborough Building Society merger with the Skipton Building Society The Financial Services Authority (FSA) today announced that it has confirmed the proposed transfer of the engagements of the Scarborough Building Society to the Skipton Building Society. Written decision The document sets out the reasons for the ... |
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19th March 2009 FSA fines insurance claims handler for network control failings and for misleading clients The Financial Services Authority (FSA) has fined Blackburn insurance broker Aspray Limited GBP21,000 for failings in control of its appointed representatives (ARs), and for misleading its clients and the FSA. Aspray, which specialises in managing in... |
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18th March 2009 The FSA publishes "The Turner Review": a wide-ranging review of global banking regulation The Financial Services Authority (FSA) has today published the Turner Review of global banking regulation. Lord Turner, chairman of the FSA, was asked by the Chancellor of the Exchequer to review the events that led to the financial crisis and ... |
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18th March 2009 FSA publishes consultation paper on remuneration The Financial Services Authority (FSA) has today published a consultation paper (CP) which formally consults on whether to incorporate its Code of practice on remuneration into the Handbook and its application to large banks and broker dealers. The... |
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11th March 2009 Renbe Associates banned for submitting false and misleading information to the FSA The Financial Services Authority (FSA) has banned Anthony Abiona - trading as Renbe Associates - for failing to act with honesty and integrity by misleading the regulator and submitting false and misleading information to lenders. The regulator foun... |
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9th March 2009 FSA continues to strengthen enforcement team The Financial Services Authority (FSA) has today announced the appointment of David Kirk as Chief Criminal Counsel. David is currently the Director of the Fraud Prosecution Service (FPS), a specialist unit of the Crown Prosecution Service. As ... |
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3rd March 2009 New Contracts for Difference disclosure regime to take effect in June Following extensive consultation and to help improve transparency in current market conditions, the new disclosure regime for Contracts for Difference (CfDs) will now take effect from 1 June 2009. The new rules would have applied originally fro... |
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2nd March 2009 FSA bans Wakefield mortgage broker for fraud The Financial Services Authority (FSA) has banned Wakefield-based mortgage adviser Mohammed Ahmed for submitting mortgage applications on his and a customer's behalf that were supported by false payslips. Jonathan Phelan, head of retail enforce... |
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26th February 2009 FSA publishes code of practice on remuneration policies The Financial Services Authority (FSA) has today published a draft code of practice on remuneration policies relevant to all FSA regulated firms. The aim of the code is to ensure that firms have remuneration policies which are consistent with sound... |
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24th February 2009 FSA wants all firms to stop selling single premium PPI The Financial Services Authority (FSA) has written to all firms still selling single premium Payment Protection Insurance with unsecured personal loans (SP PPI USL) asking them to withdraw the product as soon as possible, and by no later than 29 May.... |
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23rd February 2009 FSA consults further on change to with-profits rules The Financial Services Authority (FSA) has today published a further consultation paper (CP) relating to compensation and redress payments arising from operational failures including mis-selling that life insurance companies may currently charge to t... |
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17th February 2009 FSA plans proportionate regime for regulating Reclaim Funds The Financial Services Authority (FSA) today set out how it aims to regulate the new reclaim funds - the institutions that will be responsible for dormant accounts transferred to them from banks and building societies. Under the Dormant Bank and Bui... |
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17th February 2009 FSA appoints Mark Norris as chief operating officer The Financial Services Authority (FSA) today announced the appointment of Mark Norris as its new chief operating officer (COO). As COO, Mark will have overall responsibility for all aspects of finance, planning, HR and project management, facilitie... |
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16th February 2009 FSA bans broker for mortgage fraud The Financial Services Authority (FSA) has today published a Final Notice banning mortgage broker Leo Kusi-Appiah, who was recently jailed after pleading guilty at St Albans Crown Court to obtaining property by deception in connection with mortgage f... |
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12th February 2009 FSA publishes its 2009/10 Business Plan The Financial Services Authority (FSA) today published its Business Plan for 2009/10. 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 on 9 February. The... |
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9th February 2009 FSA secures over GBP1 million for victims of share scam The Financial Services Authority (FSA) has obtained a Court Order that Mr Aniz Kassamali Dhanji Manji will return GBP1m to investors and Mr Suresh Maganlal Bhowan will pay GBP17,233. These investors were victims of a share scam operated by overseas e... |
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9th February 2009 FSA publishes Financial Risk Outlook The Financial Services Authority (FSA) today published its Financial Risk Outlook (FRO) outlining the main risks facing firms, consumers and the regulatory system in the economic downturn, in particular the challenges created by banking sector and re... |
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6th February 2009 FSA regulation aims to address consumer problems in sale and rent back market The Financial Services Authority (FSA) today published a consultation paper setting out proposals for the regulation of sale and rent back (SRB) schemes designed to reduce consumer detriment in this growing area of the housing market. This consulta... |
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6th February 2009 FSA proposes enhanced transparency requirements on short selling for all stocks In a discussion paper (DP) issued today, the Financial Services Authority (FSA) has proposed a general short selling disclosure requirement for all UK listed stocks. The proposals follow a comprehensive review of short selling undertaken since ... |
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4th February 2009 FSA fines AIM company director for market abuse The Financial Services Authority (FSA) has fined Mr Darwin Lewis Clifton OBE GBP59,500 and has fined Byron Holdings Ltd (Byron) GBP86,030 for dealing in the shares of Desire Petroleum plc (Desire) on the basis of inside information. Desire is an AI... |
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30th January 2009 FSA fines broker for advice failings on self-certified mortgages The Financial Services Authority (FSA) has fined Nottingham mortgage broking firm Gillen Farrelly Independent Advisers Limited ("Gillen Farrelly") GBP17,500 for failing to ensure it provided suitable advice which exposed over 80 customers to the risk... |
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30th January 2009 Scarborough and Skipton 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 Scarborough Building Society to Skipton Building Society. The confirmation hearing will be held at the Fina... |
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28th January 2009 Pacific Continental former chief executive and former finance director both banned and fined GBP80,000 and GBP95,000 The Financial Services Authority (FSA) has banned the former chief executive of stockbroking firm Pacific Continental Securities UK Limited (PCS), Mr Steven Griggs, and its former finance director, Mr Charles Weston, and also fined them GBP80,000 and... |
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26th January 2009 Legacy Financial Planning Ltd fined GBP28,000 for failing to adequately explain risk to investors The Financial Services Authority (FSA) has fined Legacy Financial Planning Limited GBP28,000 for failing to adequately advise investors about the risks associated with certain transactions. The firm also failed to make and retain records that... |
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26th January 2009 FSA bans Liverpool mortgage adviser The Financial Services Authority (FSA) has banned John David Cook from giving financial advice and stopped his Liverpool-based firm, Stone Financial Management Limited (SFML), from conducting any further business. John David Cook was the director a... |
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23rd January 2009 Entertainment Rights plc fined GBP245,000 for 78 days delay in disclosing inside information The Financial Services Authority (FSA) has today fined Entertainment Rights plc (Entertainment Rights) GBP245,000 for failing to disclose inside information to the market in a timely manner. Entertainment Rights controls and owns distribution and e... |
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22nd January 2009 FSA extends waiver to firms on complaints handling The Financial Services Authority (FSA) today extended its waiver from complaints handling rules regarding unauthorised overdraft charges, for up to six months. This is because the test case is ongoing, and it is not yet clear how the banks shou... |
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21st January 2009 FSA chairman sets out agenda for reforming financial regulation Lord Turner, chairman of the Financial Services Authority (FSA), today addressed the root causes of the current global financial crisis and set out the implications for regulation and the future shape of the financial system in a lecture in the City.... |
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20th January 2009 Wolfson fined GBP140,000 for delaying disclosure of inside information The Financial Services Authority (FSA) today fined Wolfson Microelectronics plc (Wolfson) GBP140,000 for failing to reveal price sensitive information to the market as soon as possible. The delay led to a false market in Wolfson shares for 16 days. ... |
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20th January 2009 Update on FSA work on the sale of PPI The Financial Services Authority (FSA) today welcomed the move by Alliance & Leicester, Barclays, The Co-Operative Bank, Lloyds Banking Group (including Lloyds TSB, Halifax, and Bank of Scotland), and RBS/Natwest to stop selling single premium Pa... |
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19th January 2009 FSA bans and fines broker GBP101,106 for mortgage fraud - also bans second broker The Financial Services Authority (FSA) has banned a mortgage broker and fined him GBP101,106 for submitting false mortgage applications. Richard Kennedy was an FSA approved person and a director of Dynamic Mortgage Brokers of East London. The six fi... |
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14th January 2009 Belgian private investor fined GBP176,254 for market abuse The Financial Services Authority (FSA) has today fined Mr Erik Boyen, a Belgium based private investor, GBP176,254 for dealing in the shares of Monterrico Metals Plc, an AIM-quoted company, on the basis of inside information. The financial penalty ... |
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14th January 2009 FSA confirms extension of short selling disclosure regime The Financial Services Authority (FSA) has today confirmed that it will extend its disclosure obligation for short selling of stocks in UK financial sector companies until 30 June 2009. The decision follows strong support for the proposals on wh... |
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13th January 2009 FSA and HM Treasury announce partners to help deliver Money Guidance The Financial Services Authority (FSA) and HM Treasury have today announced the first group of partners that will help to deliver Money Guidance. The Money Guidance pathfinder, based in the North West and the North East of England, will provide... |
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12th January 2009 FSA proposes to reduce rights issue subscription periods The Financial Services Authority (FSA) is proposing to reduce the minimum subscription period for companies undertaking a rights issue to either 14 calendar days or 10 business days. Reducing the minimum subscription period from 21 calendar day... |
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9th January 2009 FSA clarifies disclosure requirements for directors The Financial Services Authority (FSA) has today clarified its disclosure requirements for directors who grant security over their shareholdings. The clarification is contained in a statement published on its website. The Model Code (an Anne... |
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8th January 2009 FSA fines Aon Limited GBP5.25m for failings in its anti-bribery and corruption systems and controls The Financial Services Authority (FSA) has today fined Aon Limited (Aon Ltd) GBP5.25 million for failing to take reasonable care to establish and maintain effective systems and controls to counter the risks of bribery and corruption associated with m... |
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7th January 2009 Insider Dealing: Financial Services Authority prosecutes Mr Neil Rollins Mr Neil Rollins of Keighley, West Yorkshire, date of birth 11 March 1964, was today charged at City of Westminster Magistrates' Court with 4 counts of insider dealing contrary to section 52(1) of the Criminal Justice Act 1993, 1 count of insider deal... |
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7th January 2009 FSA consults on changes to financial compensation scheme The Financial Services Authority (FSA) is today publishing a consultation paper setting out proposals for speeding up the payout of compensation to make it possible for customers to get back their money within seven days if a bank fails. The critic... |
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5th January 2009 FSA proposes to extend short selling disclosure regime The Financial Services Authority (FSA) is today proposing to extend its temporary disclosure regime for significant net short positions in the stocks of UK financial sector companies until 30 June 2009. Continuing to require disclosure will red... |
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30th December 2008 FSA re-appoints Tim Herrington as Regulatory Decisions Committee chairman The Financial Services Authority (FSA) has re-appointed Tim Herrington as chairman of its Regulatory Decisions Committee (RDC). The RDC was established to meet the Financial Services and Markets Act 2000 (FSMA) requirement that investigation and rec... |
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24th December 2008 Financial Services Authority confirms Barnsley Building Society merger with the Yorkshire Building Society The Financial Services Authority today announced that it confirmed on 23 December the proposed transfer of the engagements of the Barnsley Building Society to the Yorkshire Building Society. Copies of the FSA's written decision are available ... |
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23rd December 2008 Two mortgage brokers banned for misleading the FSA The Financial Services Authority (FSA) has today banned two sole trader mortgage brokers - Andrew David Bowden, trading as Scott Jarrett Bowden and Partners (SJB), and Shaun Lawrence - for failing to comply with FSA rules. Among the failur... |
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19th December 2008 FSA consults on changes to the rules for approved persons The Financial Services Authority (FSA) has today published a consultation paper (CP) that clarifies the FSA's expectations of those within firms that perform a 'significant influence' function. The CP proposes amendments to the FSA handbook to ... |
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19th December 2008 FSA to explore more widely the issue of consumer responsibility The Financial Services Authority (FSA) has today launched a discussion paper on consumer responsibility to explore what steps the regulator or others could take to help consumers understand and protect their own best interests more effectively. The ... |
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19th December 2008 FSA fines two individuals for market abuse The Financial Services Authority (FSA) has fined Mr Stewart McKegg and Mr Brian Valentine Taylor for market abuse. Mr McKegg was fined GBP14,411.25 and Mr Taylor was fined GBP4,642.50. In both cases this was the disgorgement of profits ma... |
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16th December 2008 FSA confirms Catholic Building Society merger with the Chelsea Building Society The Financial Services Authority (FSA) today announced that it confirmed the proposed transfer of the engagements of the Catholic Building Society to the Chelsea Building Society on 15 December. FSA's written decision [PDF] The document sets out t... |
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11th December 2008 FSA response to Practitioner Panel survey The Financial Services Authority (FSA) today responded to the latest survey of regulated firms by the independent Financial Services Practitioner Panel. The survey showed that firms are more satisfied where they have had recent contact - or en... |
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11th December 2008 Oxfordshire businessman fined GBP35,000 for lying about FSA authorisation An Oxfordshire businessman, Mr Mayson Shanti of Marcham, Abingdon has been fined GBP35,000 by Didcot Magistrate's Court for falsely claiming that his company, Chase Capital Finance Limited (Chase Capital), was authorised by the Financial Services Aut... |
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10th December 2008 Egg fined GBP721,000 and will compensate PPI customers The Financial Services Authority (FSA) has fined Egg Banking plc GBP721,000 for serious failings in its sales of credit card payment protection insurance (PPI). The FSA found failings in approximately 40 per cent of telephone sales of credit card P... |
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8th December 2008 Shareholders: Your personal details might be on a fraudsters' database The Financial Services Authority (FSA) has warned about 11,000 UK shareholders that their personal details are on a database shared by fraudsters, which can be used to target people and illegally sell them shares. Share fraudsters (also known as bo... |
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5th December 2008 FSA confirms Cheshire Building Society merger with the Nationwide Building Society The Financial Services Authority (FSA) today announced that it confirmed the proposed transfer of the engagements of the Cheshire Building Society to the Nationwide Building Society on 4 December. Copies of the FSA's written decision are available ... |
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5th December 2008 Barnsley and Yorkshire 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 Barnsley Building Society to Yorkshire Building Society. The confirmation hearing will be held at the Barns... |
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5th December 2008 FSA takes action to address pension transfer advice failings The Financial Services Authority (FSA) is taking action to improve the quality of advice given to customers to switch into a personal pension or self-invested personal pension (SIPP), following a review which found variable standards across a sample ... |
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4th December 2008 FSA consults on liquidity rules for banks, building societies and investment firms The Financial Services Authority (FSA) has today published a consultation paper (CP) which proposes a far-reaching overhaul of the liquidity requirements for banks, building societies and investment firms. The proposed rules are based on recently ag... |
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1st December 2008 Clearer segments will help improve listing regime The Financial Services Authority (FSA) has today published a feedback statement following its review of the structure of the Listing Regime. The proposed changes will provide further clarity to the Listing Regime and help maintain the integrity... |
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28th November 2008 FSA asks mortgage firms to review arrears and repossessions practice The Financial Services Authority (FSA) has written to the chief executives of all mortgage lenders and mortgage administrators giving them until January 31 to ensure that their customers facing arrears are being treated fairly. The letter is the sec... |
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27th November 2008 FSA move allows separate deposit protection limits The Financial Services Authority (FSA) is introducing a rule change today which will enable a building society which merges with another society to keep its separate compensation limit. This follows recent concern that building society customers wit... |
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27th November 2008 FSA publishes proposed changes to Personal Investment Firms' prudential requirements The Financial Services Authority (FSA) has today published a consultation paper (CP) setting out proposed improvements to prudential requirements for Personal investment firms (PIFs) designed to help reduce the impact of market failures in the sector... |
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25th November 2008 FSA's Retail Distribution Review proposals seek to establish a new level of consumer trust and confidence The Financial Services Authority (FSA) has published its Retail Distribution Review (RDR) feedback statement outlining proposals to give more consumers confidence and trust in the retail investment market, at a time when consumers need real help and ... |
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21st November 2008 FSA confirms Derbyshire Building Society merger with the Nationwide Building Society The Financial Services Authority (FSA) today announced that it has confirmed the proposed transfer of the engagements of the Derbyshire Building Society to the Nationwide Building Society. Copies of the FSA's written decision are available on the F... |
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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... |