The use by the FSA of its compulsory powers for document production to assist a foreign regulator such as the SEC in respect of a particular item of litigation was limited to categories of documents relating to the pleaded issues and did not extend to corroborative matters.
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The FSA was under the jurisdiction of the Parliamentary Ombudsman in respect of prudential regulation and not conduct of business regulation. The Ombudsman had been correct to decline to investigate a complaint against the FSA in respect of its review of a circular distributed by Scottish Widows before demutualisation as it was a matter of conduct of business regulation.
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The application for judicial review of the basis of assessment on which compensation would be payable to the former shareholders of Northern Rock following its nationalisation in February 2008 was rejected. The shareholders claimed that the statutory scheme under the Banking (Special Provisions) Act 2008 was a violation of their rights under Article 1 of the first protocol to the ECHR which guarantees the protection of private property. The Court of Appeal held that the margin of appreciation in ...
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Barclays was the relevant merchant acquirer in providing credit card facilities to Lancore. The rules relating to the operation of the Visa and MasterCard systems prohibit unless specially authorised a merchant processing sales on behalf of other businesses (aggregation). Barclays suspected Lancore was involved in aggregating payments and for businesses engaged in transactions relating to pharmaceutical products and pornography which were also not permitted. Barclays refused to transfer the sums ...
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The FSA has prohibited Simon Robins (Compliance Director of Chase UK Corporation Ltd) for failing to adequately supervise the operations of the firm. The FSA found that Mr Robins lacked competence and capability. He had failed to ensure that: (a) suitable advice had been given to its customers; (b) adequate systems and controls were in place to enable its mortgage advisory business to be controlled effectively; and (c) regulatory requirements and standards had been complied. As a result of these ...
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The FSA cancelled the permission of Mr Chianelli trading as GCM for failing to conduct his business with integrity and in compliance with proper standards. His earnings as stated in his mortgage application were much higher than his income declared to HM Revenue and Customs for the same period. Mr Chianelli also failed to co-operate with the FSA by refusing to provide his customers’ mortgage files, thereby preventing the FSA from assessing whether he was also knowingly involved in the submissi ...
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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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