The Tribunal considered the criteria for granting permission to appeal to the Court of Appeal on a point of law under section 137 (1) of FSMA. Where the Tribunal had upheld the FSA’s conclusion that the firm’s Part IV permission should be cancelled where it had not paid a FOS Award despite having resisted its enforcement in civil proceedings. Such a decision was a determination of fact and was not amenable to appeal under section 137.
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The FSA fined MSG the sum of £77,000 for inadequate protection of customers’ details. This was the first time that a stockbroking firm has been fined for weak data security controls.
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The FSA dismissed the application after repeated failures to meet the Court timetable and an unless order.
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The FOS’s requirement that financial advisers pay a case fee in respect of complaints made against it even if they were rejected was not unreasonable or unlawful. The Court of Appeal overturned the District Judge’s decision challenging the rules and regulations relating to the setting up of FOS.
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The FSA announced its application to wind up the largest land-banking company in the UK on the basis that the business allegedly amounts to an illegal “collective investment scheme”
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The FSA fined the mortgage broker Thinc Group £900,000 for poor record-keeping and failing to prove that the sub-prime loans it sold were suitable for the customers who took them out.
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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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