The FSA imposed a penalty of £140,000 on Alpari (UK) Ltd for failing to have in place adequate anti-money laundering systems and controls in its online foreign exchange services for speculative trading. Alpari’s former money laundering reporting officer was fined £14,000.
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The FSA publicly censured Integrity for failings in its role as a product provider and adviser of geared traded endowment policies. The FSA waived a fine of £350,000 it would have imposed because the firm is in voluntary liquidation and the money should go to meet customer claims in respect of the product. The FSA found that Integrity’s IFA practice had failed to communicate adequately why a GTEP product was suitable for a customer and the risks associated with it and had failed to gather or rec ...
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The FSA fined Robin Bradford, a London based IFA firm, £24,500 for exposing customers to unacceptable levels of risk of receiving poor pension switching advice in the period 6 April 2006 to 21 April 2008. The firm failed to obtain and record relevant information from its customers to assess whether advice was suitable, and failed to include relevant information in suitability letters to help customers make an informed choice in the decision to switch pensions. The firm is reviewing its advice du ...
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The FSA fined Hythe £200,000 for failing to take reasonable care to organise and control its affairs responsibly and effectively with adequate risk management systems in respect of the sale of small cap and penny shares on AIM and PLUS markets and contracts for difference to individual investors. Hythe was found to have failed to treat customers fairly; failed to communicate information to customers in a way which was clear, fair and not misleading; and failed to take reasonable care to ensure t ...
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Following on from its fines earlier in April against Credit Suisse, Getco Europe Limited and Instinet Europe Limited for failures in transaction reporting, the FSA fined Commerzbank AG £595,000 for failing to provide accurate transaction reports over the course of two years despite the FSA sending reminders to firms of their obligations to provide accurate data and the importance of compliance with FSA rules on transaction reporting and specific requests of Commerzbank to check its data. The fin ...
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In an action for deceit an investment firm was permitted to recover damages for the period following discovery of the fraud where the fraud had depleted the funds available for investment by the investment firm. There was no reason why where a party could prove that it had suffered some consequential loss that an inability to prove precisely the amount of that loss should deprive it of any recovery.
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The FSA prohibited David Baker, Northern Rock’s former deputy chief executive, from performing any function in relation to any regulated activity and fined him £504,000 for failing to report internally the omission of nearly 2,000 loans from Northern Rock’s mortgage arrears figures and agreeing on a course of action which resulted in the loans not being reported. Mr Baker was found also to have made misleading statements to external stakeholders including market analysts. Had the true state of a ...
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Graham Whitehead was sentenced of 10 years imprisonment after pleading guilty to 49 counts of fraud and obtaining money by deception in a £12,000,000 pyramid fraud over five years. The scheme involved two fake schemes. The first involved clients being told that their money was being invested in high-interest-bearing loans and bonds with Credit Suisse. In the second clients were told that they were investing in short-term bridging loans to buy property in the UK.
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The FSA banned three mortgage brokers from working in regulated financial services and fined another individual £17,500. Mr Smith, a director of Andrew Copeland Mortgages Limited, had his approval to perform management functions withdrawn and was fined £17,500 for systems and controls failings leaving 224 customers exposed to the risk of receiving unsuitable advice and left the firm open to abuse by mortgage fraudsters. Mr Phillips of Lancaster House Mortgages was banned for submitting nine mort ...
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The FSA prohibited mortgage broker Gary Lester and fined him £103,000 for knowingly submitting 42 mortgage applications to lenders containing false and misleading income information and committing mortgage fraud to obtain a mortgage for himself. The FSA also prohibited two other mortgage advisers working for Lifestyle Mortgages Limited in Edgware for not appropriately scrutinising and challenging the information provided by customers on their mortgage application forms.
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