Shareholders’ claims relying on breaches of sections of FSMA relating to alleged market abuse and listing rules breaches were struck out on the basis that FSMA provided no private cause of action in respect of sections 173A and 118. The allegations relating to misrepresentation by the Company under the Misrepresentation Act 1967 were also bound to fail as the shares were acquired not from the company, but in the market. The fact that the company subsequently registered the shareholders was neith ...
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Mr Agbalaya was an FSA approved person and the sole controller of Herald Finance Ltd (Herald) which operated in South London. The FSA fined Mr Agbalaya £100,000 and cancelled the Part IV permission of Herald for becoming involved in serious and blatant mortgage fraud. The FSA decided that they had failed to meet minimum regulatory standards in terms of honesty and integrity. Mr Agbalaya was also prohibited from performing any function in relation to any regulated activity carried out by any aut ...
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The FSA made a decision to prohibit a mortgage adviser, Mr Chowdhury, based in Tower Hamlets for certifying fraudulent mortgage applications. He also operated his firm Express Financial without being approved by the FSA as required. The FSA was informed by three lenders that they had removed Express Financial from their panels of mortgage introducers due to concerns over the submission of false documentation in relation to mortgage applications being supported by fraudulent passports, bank state ...
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The European Commission has launched a call for evidence on its review of the application of the Market Abuse Directive (MAD - 2003/6/EC). The Market Abuse Directive aims to ensure that behaviour such as insider dealing and market manipulation is properly deterred and sanctioned. The review is a key element of the European Commission's policy to strengthen the EU regulatory framework for financial services set out in the Communication on "Driving European recovery" and of its action plan to redu ...
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The FSA has banned and fined Mr Montserret, a former portfolio manager at BlueCrest Capital Management Limited, £35,000 for deliberately mismarking his positions in an attempt to avoid losing his job over losses he was making on his trading book. Mr Montserret agreed to settle this matter early and, therefore, qualified for a 30% reduction in the financial penalty that was originally £50,000. The FSA found that Mr Montserret’s actions had distorted the intra-month value of the Fund. However, at ...
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On 24 April 2009, the FSA announced that it is to go ahead with proposed changes to the compensation limits for insurance, investment and home finance advice business in the event of a firm failing, designed to achieve greater simplicity and consistency in the Financial Services Compensation Scheme. The changes that will come into effect on 1 January 2010 mean the compensation limit for investments, home finance advice and deposits will be the same at £50,000 and all claims for non-compulsory i ...
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On 6 May 2008, Mr Mohammad Rana trading as Countrywide Management Consultancy and as Property Compass (“Countrywide”) entered into a ‘Settlement Agreement’ with the FSA. Countrywide failed to comply with the terms of the Settlement Agreement and also failed to comply with rules that require the payment of regulatory fees and levies owed to the FSA. Consequently, the FSA has cancelled its Part IV permission.
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The legal right of set-off was permissive rather than mandatory and had been determined in HSBC v Kloeckner & Co and Coca-Cola Financial Corporation v Finsat International. Thus when a building society issued a certificate of deposit in accordance with the CREST rules and expressly provided that it was issued without any rights of set-off, the building society was not entitled to set-off unpaid certificates of deposits also issued under the CREST programme.
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Peter and James Dean were mortgage brokers for UK Finance House Ltd (UKFH) based in Dorset. The FSA imposed a ban on the brokers for failing to prevent their firm from being used to perpetrate financial crime and for other serious regulatory failures. In addition, the FSA withdrew the approval of Peter Dean to perform the controlled functions: CF1- Director and CF8 - Apportionment Oversight and fined him £17,500 for failing to exercise due skill, care and diligence in managing the business of U ...
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The FSA’s first insider dealing criminal prosecution led to convictions of a solicitor and his father-in-law in respect of profits made from knowledge acquired in his position of General Counsel for TTP Communications in respect of a proposed take-over of the company. The FSA obtained a court order freezing the profits made from the trade. Both received sentences of imprisonment, the father-in-law’s sentence being suspended.
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