The FSA obtained its first injunction against an individual to prevent the committing of market abuse. The FSA fined Samuel Kahn £1,094,900 for co-ordinating a share-ramping scheme in Global Brands Licensing plc from 2 pence to 5.25 pence over the period of a month. Mr Kahn had previously been made bankrupt by the FSA following enforcement action relating to his involvement in overseas boiler room activities.
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The FSA fined Bank of Scotland £3.5 million and obtained a redress valued at £17 million for customers in respect of the mishandling of complaints about retail investment products. Between 30 July 2007 and 31 October 2009 BoS received nearly 2,600 complaints about its sales of various products. An internal review showed that BoS should have accepted 45% of complaints that had been rejected.
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The FSA obtained a worldwide freezing order against European Property Investments (UK) Limited on the basis that it believes that it took over Plott's business once the FSA began enforcement action against Plott. Between 1 April and 27 May 2011 EPI raised about £639,000.
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The FSA secured a winding up order in the High Court against Plott UK Limited and the appointment of a liquidator. Plott had been marketing plots of land as an investment opportunity and operating an unauthorised collective investment scheme and raised £3.9 million between May 2009 and April 2011.
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Insurers were permitted to serve a notice of cancellation under the Iran Sanctions Clause in its policy. The cancellation clause did not require any act or omission on the part of the insured giving rise to the risk and the agreement of underwriters to write the policy was not made in bad faith.
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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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