The FSA issued a public censure against the mortgage broker for poor record keeping and publishing unclear advertising material. The broker could not demonstrate why it had recommended certain mortgages or if customers had been offered the cheapest deal even though many of its customers were in the sub prime or self-certified market.
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Relying on legal advice privilege FSCS Ltd sought to redact several questions and answers on investors’ questionnaires which related to the legal advice provided by its legal department and disclosure of which it is said would have revealed the legal advice. The claim for privilege was upheld.
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Before being provided with a copy of the Briefing Memorandum interested parties signed a letter confirming that they would keep confidential certain information within the Briefing Memorandum. After an article appeared in the Daily Telegraph containing reference to certain parts of the Briefing Memorandum, Northern Rock instructed PR Consultants to approach certain publishers to request restraint in respect of further publication. Neither the Financial Times nor the Daily Telegraph was aware of ...
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The Financial Ombudsman had jurisdiction to review a complaint against a former member of the PIA even where he had ceased to be a member of the PIA before the transition period. The PIA rules required the co-operation of retiring and former members with its own ombudsman and thus on the relevant date the chartered surveyor remained susceptible to investigation by an ombudsman.
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The FSA imposed a financial penalty of £70,000 (but gave a 30% reduction for early settlement which brought the figure down to £49,000) on Wills & Co for misconduct following the breach of principles 3 and 7 of the Principles for Business, in particular, for failing to ensure that its customers understood the risks involved with penny shares, and for being unclear, unfair and misleading when advising on the shares.
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Fox Hayes approved financial promotions for overseas companies. The promotions took the form of letters to private investors offering a free research report into a company in which the investor already held shares. The FSA considered that Fox Hayes had not taken reasonable steps to ensure that the financial promotions were clear, fair and not misleading and imposed a penalty of £150,000. Fox Hayes referred the matter to the Tribunal. Before the Tribunal the FSA also argued that Fox Hayes had not ...
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The firm gave an undertaking to re-word its description of its remuneration clause to clearer language in accordance with the Unfair Terms Regulations.
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The firm gave an undertaking to re-word its description of its remuneration clause to clearer language in accordance with the Unfair Terms Regulations.
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The FSA imposed fines of £10,500 on Lawrence Scoffield and Council Homebuyers and gave Mortgage Network a public censure in respect of management failings. The first two had failed to ensure that systems were in place so that only suitable mortgages were recommended and customers treated fairly. Mortgage Network did not have a system for keeping proper records relating to customers’ needs and circumstances and adequate training records.
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The FSA imposed fines of £10,500 on Lawrence Scoffield and Council Homebuyers and gave Mortgage Network a public censure in respect of management failings. The first two had failed to ensure that systems were in place so that only suitable mortgages were recommended and customers treated fairly. Mortgage Network did not have a system for keeping proper records relating to customers’ needs and circumstances and adequate training records.
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