John Jordan Complete Mortgage Services (the firm) was considered by the FSA to have an unfit controller and did not have a competent and prudent management team. The FSA cancelled the Part IV Permission as the firm did not satisfy the Threshold Conditions set out in the FSA Rules and, therefore, was not considered to be fit and proper to conduct regulated activities.
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There was a joint appeal against the decisions that the FSA had the power to prosecute money laundering offences under the Proceeds of Crime Act 2002. The appeals were dismissed by the Court of Appeal. It was held that the FSA did have powers to prosecute beyond those given to the FSA under the Financial Services and Markets Act 2000 and, in particular, it had the power to prosecute the appellants for offences contrary to s.327 and s.328 of the Proceeds of Crime Act.
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Between 2003 and 2006 an employee in Settlements at Seymour Pierce Ltd was able to steal from internal and client accounts by transferring amounts to his personal account. The employee stole the money in thirty-six separate transactions without detection. The FSA imposed on the firm a financial penalty of £154,000 for failing to have adequate monitoring systems and controls in place to detect the fraud in breach of Principle 3 of the FSA Rules.
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A civil asset recovery order could be made under the Proceeds of Crime Act 2002 on the basis of a deliberately false statement in a mortgage application form where the statement had been intended and expected to be relied on.
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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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