The FSA decided that Mr Lepine of First Class Mortgages Ltd was not a fit and proper person to carry out his controlled functions as he failed to meet the fitness and propriety test contained in the FSA Rules because Mr Lepine had been convicted of misconduct whilst he was employed at Nomura Bank International.
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The FSA imposed a financial penalty in the sum of £270,000 on Redcats for, amongst other things, failing to take effective care of their compliance arrangements and for not implementing adequate risk management systems.
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The FSA imposed a public censure on Eastern Western Motor Group as it had failed to organise and control its regulated business effectively. In particular, it did not keep an adequate record of the PPI sale on customers' files or provide customers with a statement of the total price for the PPI policy. In addition it did not sufficiently apportion compliance responsibilities among its senior management and did not ensure adequate training and monitoring of its sales staff.
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Disclosure. Transcripts of interviews conducted by the FSA and the Jersey Financial Services Commission with present and former employees of the defendant financial institutions were disclosable except and to the extent that they contained information which was not previously known to the defendants applying the ordinary rules of attribution
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The FSA has obtained an interim injunction at the High Court against Mr Christian Orpin, Mr Michael Vickery and Orpery Limited, of which they are the directors. The FSA believes that they were unlawfully accepting deposits without authorisation from the FSA. The injunction will prevent Mr Orpin, Mr Vickery and Orpery Limited from accepting deposits and it also freezes their assets.
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Standard Terms. Although explanatory material in respect of a pension scheme made it explicitly clear that pension entitlement could be taken at age 62 after 20 years contributions without any actuarial reduction, the same material expressly stated that the trust deed and rules governing the scheme prevailed. These provided that pre-65 receipt of the pension was subject to the employer's discretion. The Claimant's argument that the employer was estopped from providing such early benefits failed ...
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Financial penalties. The FSA imposed a financial penalty on Braemar of £182,000 for failing to comply with the Conduct of Business rules.
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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 ...
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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 ...
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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.
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