Compensation had been paid by the Financial Services Compensation Scheme to investors in respect of misselling claims where for the most part independent financial advisers would be unlikely to meet the claims. Claims against the company that collaborated in the development and promotion of such schemes were assigned. The FSA had the power under FSMA 2002 to include provision in the terms of the compensation scheme for the assignment to it of investors’ claims against third parties where it had ...
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The FSA fined Hastings £735,000 for failing to treat its customers fairly after it cancelled multiple insurance policies which were incorrectly priced after an internal price quoting system went wrong. The FSA found that Hastings’ reliance on a cancellation clause which was not generally intended to be used in such circumstances was unfair.
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The FSA commenced its second criminal case over alleged insider dealing against a former trader at Cazenove, Malcolm Calvert in respect of trades made after he had left Cazenove in respect of HP Bulmer plc, Macdonald Hotels plc, Vernalis plc, Johnston Group plc and others.
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The FSA has provisionally fined Winterflood £4 million over share dealing in an AIM-listed company. This is the biggest fine for market abuse on a regulated firm. Winterflood has referred the decision to the Financial Services and Markets Tribunal.
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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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