The FSA is for the first time seeking leave to appeal to the Court of Appeal against a decision of the Financial Services and Markets Tribunal in respect of the approval of financial promotions for unauthorised overseas companies.
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The FSA reviewed 30 recommendations relating to higher risk shares, made by Mansion House between May 2006 and January 2007. The FSA found that Mansion House's advisers had given customers inaccurate information and failed to highlight the risks associated with the recommended shares. The FSA fined Manson House £122,500.
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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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