Case Summaries Up To December 2006
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By Law Brief Publishing on 20/12/2006 00:00
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.
By Law Brief Publishing on 20/12/2006 00:00
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.
By Law Brief Publishing on 20/12/2006 00:00
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.
By Law Brief Publishing on 05/12/2006 00:00
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.
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 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.
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