The FSA fined SHL £49,000 and its money laundering officer £17,5000 for not having adequate money laundering systems and controls in place for verifying and recording clients’ identities.
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The FSA fined the above firms £35,000 and £10,500 respectively for failures relating to the sale of geared traded endowment policies. The FSA also cancelled the permission of two individuals associated with the firms. Probles identified by the FSA included a failure to ensure that all advisers fully understood the policies and their risks before recommedning them; failed to gather enough information about customers to support and ensure the suitabilty of its recommendations or to explain the ris ...
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The FSA fined A&L £7,000,000 for mis-selling 210,000 payment protection insurance policies to people seeking personal loans between January 2005 and December 2007. Customers were not given sufficient details as to the cost of the policies and insufficent regard was had to the needs of the customers.
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The FSA imposed financial penalties of £150,000 each on two directors of Lifestyle Finance Limited for failing to make sure that their business had the appropriate compliance and sales procedures in place in relation to suitable mortgage advice to customers. However, given that Mr Millington was made bankrupt in October 2007 and Mr Worthington was made bankrupt in December 2007, they have agreed with the FSA not to apply for positions with controlled functions involving significant management i ...
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The FSA has fined a mortgage broker, Stephen Jones, £100,000 and also banned him after finding that he had exposed approximately1,500 customers to the risk of receiving unsuitable advice and the possibility of losing money. The FSA announced that “...Mr Jones's fraudulent mortgage application and his dishonesty in attempting to cover up regulatory failings were completely unacceptable warranting a ban and a large financial penalty.”
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The FSA cancelled Mr Hussain’s authorisation and prohibited him carrying out any regulated activities because of the threat he posed to consumers. Mr Hussain traded as Lifestyle Ealing as a mortgage broker on a sole trader basis. The FSA was notified by a lender of a number of discrepancies in relation to different mortgage applications suggesting the use of false and misleading information. Further enquiries led to the discovery that Mr Hussain had applied in his own name for a mortgage based o ...
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The FSA amended the Code of Market Conduct to prohibit the active creation or increase of net short positions in publicly quoted financial companies and to require the disclosure on a daily basis of all net short positions in excess of 0.25 per cent of the ordinary share capital of the relevant companies held at market close on the previous working day. The provisions are to remain in force until 16 January 2009 subject to a review before 18 October 2008.
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The FSA announced an undertaking from UK Insurance Limited not to use specified terms in its insurance policies which the FSA considered unfair under the Unfair Terms in Consumer Contracts Regulations 1999. The specific term was a general exclusion in respect of ‘consequential loss of any kind’ which the FSA considered to be unclear. The firm and its associated firms including those in the RBS Group, have agreed to redraft this exclusion as follows ‘We will not pay for any losses that are not di ...
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The FSA fined a former hedge fund manager at Moore Europe Capital Management £52,500 for using restricted information to buy bonds in a company in advance of the company’s announcement of a debt restructuring. The precise nature of the information communicated was not known because the relevant telephone calls were not communicated. Mr Harrison asserted that at the time it was provided he did not consider the information to be inside information, but subsequently accepted that it was. Mr Harriso ...
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The FSA banned three directors of London based insurance business, BPS Insure Limited for failing to inform the FSA that BPS had a deficit of approximately £3 million in its client account and had misused client money.
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