The FSA fined Nomura £1.75 million for failures in its systems and controls in the bank’s equity derivatives business. The failures related to the manner in which trades were entered into Nomura’s accounting systems which had allowed trades to be mismarked for five months. The fine represented a 30% discount in return for settling the investigation early and agreeing not to appeal the penalty.
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Bank charges levied on accounts with unauthorised overdrafts were not subject to review by the OFT in respect of fairness because the scope of regulation 6 (2) (b) of the Unfair Contract Terms in Consumer Contracts Regulations 1999 (which limits the OFT’s assessment in respect of the adequacy of the price or remuneration, as against the goods or services supplied in exchange) included such bank charges. It was not, as the Court of Appeal had held, limited to “core terms” of the contract. The cha ...
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The FSA fined UBS £8 million for systems and controls failures in its private bank which allowed four private bankers to carry out up to 50 unauthorised trades a day across 39 client accounts between January 2006 and December 2007. The fine was reduced by 20% in return for the bank’s co-operation and an agreement not to appeal the penalty. UBS also paid US$ 42 million in compensation to its affected customers.
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Matthew Uberoi and his father, Neel Uberoi, were found guilty of 12 counts of insider dealing under section 52 of the Criminal Justice Act 1993 at Southwark Crown Court. Their case was the second insider dealing prosecution brought by the FSA as part of its ongoing drive to tackle market abuse.
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The FSA ordered GMAC to pay a fine of £2.8 million and refund customers £7.7 million after finding the company guilty of unfair treatment of customers in arrears including excessive and unfair charges, failing to take into account individual circumstances and alternatives to repossession and of not having adequate training of staff. The fine was reduced by 30% to reflect early settlement.
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The FSA fined Swinton, the high street insurance broker, £770,000 and ordered it to offer refunds to 500,000 customers in respect of the sale of payment protection insurance. The FSA found that the cost of PPI was not sufficiently explained and that Swinton’s fees were not separated from the price or explained to the customers.
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The trustee of an underfunded pension fund sought directions from the Court in respect of its proposal to deploy a significant part of the fund’s assets to purchase annuities in substitution for the members’ entitlements under the scheme prior to the fund entering the Pension Protection Fund. That went beyond the purpose of the power in the scheme. Additionally it was wrong to take account in assessing the value of the scheme the potential compensation that might be paid out under the Pension Pr ...
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The government’s response to findings of the review of the regulatory supervision of the Equitable Life was in part flawed in that it had rejected findings of maladministration and injustice without cogent reasons. However the decision relating to a compensation scheme was one for the Government reporting to Parliament and not reviewable by the courts other than on grounds of irrationality.
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Where a SIV was in liquidation, the terms of a distribution clause in a Trust Deed were to be construed in the overall context of the agreement and its commercial purpose. The wording of the particular clause for payments of sums ‘as they fell due’ assumed that all secured liabilities could be covered and no issue of priority arose. It was not appropriate to treat it in the different context of insolvency as creative effective priority for liabilities maturing in the short term over those in the ...
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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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