The Chairman of the FSA (Adair Turner) said recently that three reforms are being proposed to financial regulations. These are: (1) new approaches to capital adequacy, entailing more capital held against risky trading strategies and counter-cyclical capital requirements to build up adequate buffers during good economic times, which can be drawn on in bad; (2) a new liquidity regime focused not just on individual firms’ liquidity but also on market-wide risk; and (3) ensuring t ...
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The FSA is considering whether to extend disclosure of short selling to all companies publicly traded in the UK. It has decided to relax an outright ban on short selling banking stocks which had been in force since September 2008; from 16 January 2009 investors are allowed to short sell banking shares provided that they disclose it. The FSA is now consulting about whether to extend disclosure to cover every quoted company.
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The Coroners and Justice Bill was published on 15 January 2009 and includes a proposal that the FSA can grant immunity and other protections to witnesses in criminal investigations by an amendemnt to the Serious Organised Crime and Police Act 2005. The power is expected to come into force in late 2009 or early 2010.
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The FSA fined a Belgium based private investor £176,254 for dealing in the shares of Monterrico Metals Plc an AIM-quoted company on the basis of inside information. The fine represents a disgorgement of profit of £127,254 and an additional penalty of £49,000 (discounted by a third to reflect an early settlement). Mr Boyen was an experienced investor. His brother had received a request from an executive involved in takeover discussions to acquire shares in Monterrico on his ...
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The FSA has continued to bring criminal prosecutions for insider dealing. Earlier this month it brought proceedings against Neil Rollins. He is charged with five counts of insider dealing and four counts of money laundering; it is alleged he sold more than 73,000 shares in PM Group in August and September 2006 with the benefit of inside information.
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The FSA imposed its largest financial crime-related fine ever on broker Aon over a series of systems and controls failings regarding payments made to overseas third parties. The fine of £5.25m was in respect of the absence of appropriate anti-bribery and corruption systems and controls in respect of foreign business.
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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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