The FSA made a prohibition order in respect of failures of due skill, care and diligence and lack of compliance with regulatory standards in respect of ensuring that underwriting was in place for various policies sold, holding client money contrary to a condition of the company’s Part IV permission
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Approved Person. The FSA decided to impose a financial penalty in the sum of ₤52,500 (reduced from ₤75,000 for an early settlement) on Mr Roberto Casoni for failing to comply with a statement of principle in relation to his duties as an approved person. Mr Casoni was a research analyst at Citigroup’s Global Equity Reserch. He was a director and headed up the European equity research team that specialised in Italian stocks.
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The FSA imposed a financial penalty in the sum of £250,000 for failing to have adequate systems and controls in place when selling Payment Protection Insurance (PPI). The main part of Capital One’s business is to provide credit cards, loans and saving account and it also provides PPI policies for its credit card customers. Several customers did not receive the PPI policy document and they had an opportunity to be compensated for any loss. The FSA offers a 30% discount on financial penalties w ...
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The FSA imposed a financial penalty in the sum of £980,000 for failing to take reasonable care to organise and control its affairs responsibly and effectively, with adequate risk management systems. In August 2006 a laptop, which contained the names, addresses and account numbers of customers, was stolen from the home of an employee. The loss of the laptop was reported to the police, the Information Commissioner and the FSA. Nationwide failed to consider the wider implications and risks to cu ...
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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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