The FSA published its decision notice of its findings in respect of Mr Wright and its decision to prohibit Mr Wright from all regulated activity on honesty, integrity and competence grounds. The FSA believes that Mr Wright was unwilling to comply with the FSA approved person regime and provided misleading information to the FSA. In particular the FSA’s opinion is that Mr Wright arranged for his wife to take on the FSA approved roles while he actually ran the firm. Mr Wright has referred the matt ...
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The FSA published its decision notice of its findings in respect of Mr Unwin and its decision to prohibit Mr Unwin from holding a significant influence function. The FSA’s view is that Mr Unwin failed to ensure that his firm had adequate systems and controls to ensure that occupational pension transfer advice given by his firm was suitable and signed off by a pension transfer specialist, despite being previously warned by the FSA that he must do this. Mr Unwin has referred the matter to the Trib ...
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The Court rejected the BBA’s challenge to the FSA’s policy statement on assessing and providing redress in respect of past sales of PPI policies. While the principles for business are not actionable per se, they were relevant in assessing a firm’s obligations to its clients and could and should be taken in to account by the ombudsman in assessing a complaint. The principles provide the overarching framework for financial regulation. The presence of more detailed rules in respect of the sales of ...
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The FSA contended that the first claimant, as the controlling director of the company, had submitted dishonest mortgage applications for some of the company's clients, that he had known that the applications were dishonest, and that he had otherwise conducted the company's business in a manner which showed that he was not fit and proper to be an approved person. He admitted a lack of competence but denied dishonesty or any lack of integrity. He further submitted that the prohibition imposed on h ...
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A claim by an individual who acted on his own account as a co-trustee of a company pension scheme was brought against brokers for among other reasons that their classification process of him as an ‘intermediate’ customer was insufficient to comply with its obligations under COB. The firm’s processes were reasonable and sufficient to comply with its obligations. A claim that despite the relationship being on an ‘execution only’ basis it had developed in to an advisory basis also failed. Finally t ...
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The FSA fined City Index £490,000 for failing to provide accurate transaction reports to the FSA. Between November 2007 and September 2009, City Index failed to submit accurate transaction reports in respect of approximately 2 million transactions, representing nearly 60% of its reportable transactions. If failed to report approximately 55,000 transactions and reported approximately 1,970,000 transactions with one or more data fields completed improperly. City Index was also found to be in breac ...
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Neil Rollins a former senior manager of PM Onboard Limited, a waste industry firm, was sentenced to 27 months in prison for five counts of insider dealing and four counts of money laundering after he traded on the basis of information he obtained as a result of his senior position and laundered the proceeds. Mr Rollins was also ordered to pay £197,000.66 in confiscation.
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The FSA fined and banned chartered accountants Paolo Maranzana and Laurence Finger for Sedley Richard Laurence Voulters’ involvement with a boiler room share scam. Maranzana was fined £105,000 and banned from working in financial services. Finger was fined £35,000 and banned from being a Money Laundering Reporting Officer. SRLV was fined £163,140.
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The FSA banned and fined Nabeel Naqui the former Head of the Credit Products Group Europe and Asia Pacific at Toronto Dominion Bank £750,000 for deliberately mismarking his trading positions and misleading fellow staff to conceal his losses over a period of two years. The effect of correcting his mismarking was a downward valuation of CAD $96 million on his books.
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The FSA fined Scottish Equitable Plc £2.8 m for causing significant consumer detriment through poor administrative procedures. Scottish Equitable Plc will pay consumer redress of about £60 million, of which £30 million was to have been paid by the end of 2010.
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