The FSA imposed a financial penalty of £31,500 (being £45,000 with a 30% reduction for early settlement) for Blake Independent with respect to breaches of Principle 2 (due skill, care and diligence), Principle 4, (financial prudence) and Principle 11 (relations with regulators).
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The FSA has suspended the registration of Ethnic Mutual Limited for three months. Ethnic Mutual Ltd is an exempt charity registered with us as an Industrial and Provident Society. The FSA took this action as Ethnic Mutual was unable to satisfy the FSA that it was operating for the benefit of the community, which is a condition of its registration.
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Cancellations of Part IV Permission: The FSA cancelled the Part IV Permission for failing to satisfy the threshold conditions. The FSA was not satisfied that he was a fit and proper person to conduct the business soundly and prudently.
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The FSA cancelled the Part IV Permission of Mitchell & Company Limited as the company was not conducting its business soundly and prudently. The FSA concluded that the company did not comply with the proper standards and had failed to satisfy the Threshold Conditions in relation to the regulated activities.
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The FSA cancelled the Part IV Permission of Mitchell & Company Limited as the company was not conducting its business soundly and prudently. The FSA concluded that the company did not comply with the proper standards and had failed to satisfy the Threshold Conditions in relation to the regulated activities.
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Complaints Handling: The FSA prohibited the managing director of a company which had mishandled complaints relating to mortgage endowment policies from exercising significant influence over any person in relation to any regulated activity carried on by any other authorised person or exempt person. In handling complaints, Mr Hardie was found to have failed to investigate the complaints, to have handled them unfairly in among other things referring the complainants to FOS rather than giving them p ...
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Systems and Controls: The FSA fined HFC Bank £1,000,000 for selling payment protection insurance to more than 160,000 customers between January 2005 and December 2007 without checking the customers’ need for the insurance. HFC Bank had also failed to keep adequate records of its PPI sales and did not investigate cases of misselling. The fine represented a 30% discount for early settlement.
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Unauthorised Trading: For the first time the FSA fined and banned a stockbroker at Square Mile Securities for deliberately misleading clients and risking their money in unauthorised trades. The fine was for £21,000.
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The FSA fined Square Mile £250,000 for persistently using high pressure sales tactics and misleading information to sell customers shares they did not want or could not afford. The failings warranted a fine of £1.5 million. This was reduced because of Square Mile’s agreement to settle at an early stage (30% reduction) and Square Mile’s financial circumstances.
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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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