The FSA fined Zurich Insurance £2,275,000 for failing to have adequate systems and controls in place to prevent the loss of customers’ confidential information following the loss of personal details in respect of 46,000 policy holders. This is the highest fine levied to date on a single firm for data security failings. This represented a discount of 30% for early settlement from a fine of £3,25 million.
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The FSA fined the London branch of Societe Generale £1,575,000 for failing to provide accurate transaction reports to the FSA. The fine reflects the seriousness of the firm’s failure to submit accurate reports for approximately 80% of its reportable transactions across all of its asset classes, for a period of over two years.
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The FSA has banned Ngozika Ogboru who ran J N Finance (UK) Limited from carrying out any regulated activity. A FSA investigation found that advisers at the firm were able to submit false and misleading mortgage applications to lenders using Ms Ogboru’s log-in details without her prior knowledge and allowed the firm to continue to operate despite recognising her inability to manage it and the warning signs that it was being used for fraud. Mr Winton of Mortgage Healthcare Limited in Dundee was fi ...
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The FSA fined Moneywise £19,600 for failing to have sufficiently robust compliance arrangements for the investment advice it gave customers using platforms and discretionary portfolios. The FSA’s investigation concluded that Moneywise’s compliance arrangements did not evolve as its business grew and the firm did not have robust arrangements for training advisers and ensuring liability reports were clear, fair and not misleading. Moneywise also recommended platform-based investment to 519 custome ...
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The FSA imposed a lifetime ban on David Marriott, former chief executive of two insurance intermediaries, Target Underwriting Ltd and Professional Insurance Select Ltd for failing to segregate and protect money from clients’ insurance premiums. The client money was used to support the day to day finances of the firms for among other purposes the payment of bonuses and salary increases and company cars despite a background of worsening trading positions and loss of business. His actions led to a ...
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The FSA banned five individuals for failings in relation to insurance fraud and imposed one of its largest ever fines for insurance fraud of £150,000 on one individual. Andrew Jeffery of Jeffery Flanders (Consulting) Limited was banned and fined £150,000 for recklessly failing to put in place insurance policies appropriately or, in some cases, at all, despite collecting payment from customers. The conduct was particularly serious because many of the customers were elderly or vulnerable; the insu ...
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When the market moved against a short position taken by a sugar trader the New York Intercontinental Exchange (ICE) requested the trader to limit its net position and when it breached its position limit directed it to stop selling contracts and sent a “notice to liquidate positions” to the traders brokers which included the claimant. The claimant sought confirmation from the trader and its guarantor that it would meet the following day’s margin call. The response was that no margin payment would ...
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Systems and controls
The FSA fined David Jones the former finance director of Northern Rock PLC £320,000 and prohibited him from performing any function in relation to any regulated activity for allowing false mortgage arrears figures to appear in explanatory text published with its accounts. Correct figures would have increased arrears by over 50% or possessions figures by approximately 300%. For nearly a year Mr Jones was responsible for the continued misreporting of arrears and possessions figures on a monthly ba ...
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Systems and controls
The FSA fined members of the Royal Bank of Scotland Group £5,600,000 for failing to have in place adequate processes and controls to prevent breaches of UK financial sanctions under the Money Laundering Regulations 2007. Between December 2007 and December 2008, RBS Plc, Natwest, Ulster Bank and Coutts and Co failed to adequately screen both customers and payments made in respect of the sanctions list. This is the largest fine the FSA has imposed pursuant to its financial crime objective and is t ...
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Systems and controls
The FSA publicly censured and banned the three directors of Simply Trading Group Limited from senior management positions for falling short of FSA standards. The firm was a small private client advisory stockbroker in London and Hampshire which specialised in telephone sales of securities traded on the AIM and PLUS markets through its two appointed representatives. As a result of FSA action the firm’s authorisation has been cancelled. The FSA’s investigation found that the directors had relied t ...
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