Case Summaries Up To September 2006
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By Law Brief Publishing on 04/09/2006 00:00
Financial penalties. The FSA imposed a financial penalty on Braemar of £182,000 for failing to comply with the Conduct of Business rules.
By Law Brief Publishing on 27/07/2006 00:00
The Defendants ran a “managed service” for laying of horses. The Claimants lost significant sums. They sought compensation under section 26 (2) (b) of the Financial Services and Markets Act 2000. Although the Defence admitted that the sums of money were deposited into a pooled account and that bets were laid by the Defendants on behalf of the subscribers and that the purpose was to enable those subscribers to participate in income from the laying of horses it denied that this amounted to a colle ...
By Law Brief Publishing on 12/07/2006 00:00
Confiscation Orders. The Defendants appealed against the courts decision for confiscation orders. On the ground of appeal concerning the shares, it was decided that a temporary, unrealised increase in the value of a shareholding would not amount to a benefit or pecuniary advantage to a defendant for the purpose of confiscation proceedings under the Criminal Justice Act 1988 Part VI, which provides for the confiscation of the proceeds of an offence. The Court of Appeal quashed the confiscation ...
By Law Brief Publishing on 30/05/2006 00:00
Part IV Permission. On 30 May 2006 Strathardle Asset Management Ltd was refused Part IV Permission as personal investment firm and general insurance intermediary because it failed to satisfy the threshold conditions of adequate resources and suitability. The FSA’s decision also considered that Mr Davys, who was an Officer of the company, was not a fit and proper person.
By Law Brief Publishing on 17/05/2006 00:00
Fit and Proper Person. The Tribunal held that contrary to the RDC’s view Mr Manchanda was a fit and proper person. There was nothing to suggest that Mr Manchanda was linked to the serial frauds perpetrated by his previous company.
By Law Brief Publishing on 11/05/2006 00:00
Final Notice was given to the Middleton Financial Ltd on 11th May 2006 in order to cancel the Part IV permission granted for failing to satisfy the FSA's threshold conditions to the proper standard.
By Law Brief Publishing on 26/04/2006 00:00
The FSA imposed a financial penalty on Besso in the sum of £20,000 for Besso's conduct in relation to a former employee (who had been convicted of fraud) and a subsidiary company of Besso, which acted as the appointed representative, to carry out controlled functions. The former employee was not at any time an approved person. The FSA stated that the requirement that only approved persons carry out controlled functions extends to firms that use appointed representatives to perform those controll ...
By Law Brief Publishing on 20/04/2006 00:00
Permission under Part IV of FSMA 2000 cancelled for failing to conduct business in compliance with proper standards and for failing to comply with Principle 11 and in particular for failing to submit its Retail Mediation Activities Return for the period ended 31 July 2005.
By Law Brief Publishing on 18/04/2006 00:00
Permission under Part IV of FSMA 2000 cancelled on the basis that FSA was not satisfied Easylife was a fit and proper person and for failing to comply with Principle 11 and in particular for failing to pay fees to the FSA.
By Law Brief Publishing on 18/04/2006 00:00
Permission under Part IV of FSMA 2000 cancelled on the basis that FSA was not satisfied Easylife was a fit and proper person and for failing to comply with Principle 11 and in particular for failing to pay fees to the FSA and to submit its Retail Mediation Activities Return.
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