Systems and Controls and TCF. GE Capital’s main business is providing credit finance through store cards, credit cards and sales finance. The PPI is usually offered to the customers at the till when they are applying for a store card. If it is not purchased at the till, customers are later contacted by GE Capital’s telesales staff. In 2005 alone, over 850,000 policies which included PPI were sold on its behalf. The FSA imposed a financial penalty on GE Capital Bank Ltd in the sum of £610,00 ...
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Prohibition Order. The FSA found that Mr Piggott, an IFA, was not fit to perform any of the functions carried out by an authorised person and made a prohibition order against him. Mr Piggott contested the prohibition order. After hearing the evidence, the Tribunal found, amongst other things, that Mr Piggott knowingly relied on forged documents, recommended lying to an insurance company, repeatedly failed to implement accurately instructions from clients and threatened some clients with litig ...
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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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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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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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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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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.
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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.
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