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 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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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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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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