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.
|
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.
|
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.
|
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.
|
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.
|
The FSA dismissed the application after repeated failures to meet the Court timetable and an unless order.
|
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”
|
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.
|
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.
|
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.
|
| 1 2 3 4 5 6 7 |