The FSA confirmed its decision that with effect from 31st December 2008 the transfer of engagement of the Barnsley BS to the Yorkshire BS under s.95 of the Building Society Act 1986. Having regard to the information available, the FSA confirmed that the merger would not affect the interests of the members of the BarnsleyBS. The assets of the Yorkshire BS being 54 times larger than those of the Barnsley BS. The FSA found that the transfer of engagements would not result in ...
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The FSA had requested certain information from the Firm. When the FSA reviewed this information they discovered that the some of the files had missing documents. In some cases, the information received was insufficient and other cases it contained false facts. An example given was that a customer who was in fact unemployed was stated on the mortgaged application to the lender as being self-employed with a profiable business since 2004. The FSA found that, amongst other things, ...
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The FSA found that Bowden was not fit and proper to perform functions in relation to his capacity as sole trader and mortgage advisor to SJB. Neither Bowden nor SJB had established or maintained appropriate control arrangements to ensure that they were providing suitable advice to customers. The FSA also found that the lack of training meant that SBJ’s customers were exposed to unacceptable risk that the advice given was from untrained or incompetent advisors. Therefore, ...
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In the first case of its kind, the FSA prosecuted Mr Shanti and Chase Capital Finance Limited for falsely claiming to be authorised to carry out regulated financial services. Mr Shanti and Chase Cpaital Finance had placed advertisements in the BT Telephone Directory and Yellow Pages claiming that Chase was authorised by the FSA. The magistrate’s court fined Mr Shanti £35,000 and Chase Capital, which is no longer trading, £1,000.
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The FSA fined Egg £721,000 for serious failings on the sales of credit card payment protection insurance to about 40% of its customers between January 2005 and December 2007. The failings included the over-emphasising of the positive features of PPI or telling the customer that they could take the PPI for a free period and cancel it later if they did not want it. In some cases, even though declined, PPI was applied to the credit card in any event.
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The FSA impoesed fines of £117,691.41 and £81,982.95 in respect of insider dealing which took place when the chairman of Monterico Metals requested a friend to purchase shares on his behalf while the company was in takeover talks. While the talks were publicly known the use of a third party to purchase the shares meant avoiding public disclosure of the acquisition of shares. These fines had been reduced by 30% to represent early co-operation and settlement.
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The FSA fined AWD Chase De Vere Weath Management £1.12 million in respect of pensions. The FSA concluded that at least 800 people had been badly advised between February 2006 and October 2007 when they were advised to purchase products that were unsuitable because cover already existed within their previous policies and there weas inadequate disclosure of the risks. As part of the settlement Chase De Vere has agreed to make compensation payments by August 2009.
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The FSA has commenced a consultation on the extension of its regulatory remit to cover areas of banking conduct currently subject to the Banking Code Standards Board. The FSA’s proposed remit would stretch to cover current accounts, personal loans, savings, card services and cash machines currently overssen by the Banking Code.
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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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