The FSA imposed a financial penalty of £494,900 (reduced from £707,000 after early settlement of 30%) for failing to keep adequate client records and failing to ensure that client money was properly segregated.
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An application to the Upper Tribunal by a firm authorised to carry out designated investment business and mortgage mediation business. In October 2009, the FSA contacted the firm to carry out an initial assessment. Following that assessment, the FSA informed the firm that adequate action had been taken to ensure fair outcomes for customers and thus they were not treating the customers fairly, which had to be central to the firm's working culture. The FSA proposed to visit for further assessment. ...
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Legal advice provided to a company in respect of the affairs of a company became subject on the facts to joint legal professional privilege with the directors. In the circumstances the wavier by the liquidator of the company's privilege was not a waiver of the directors' privilege and the FSA were not therefore entitled to rely on the legal advice in its investigations.
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The failure of lenders to tell borrowers that they had received commission representing 87% of the premium for selling them payment protection insurance did not amount to unfairness in the relationship between the lender and borrower for the purposes of ss. 140A and B of the Consumer Credit Act 1974. The insurance conduct of business rules did not impose a duty to disclose the receipt of commission. The cover was expensive but the lender was in the circumstances under no obligation to advise tha ...
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An action was brought against Credit Suisse private bank in respect of the sale of structured products to the Claimants, all members of the same family. The products were purchased with assistance of loans from the bank by various members of the Claimant family. The relationship between the bank and the members of the Claimant family were handled between an adviser of the bank and the father who was a successful and sophisticated businessman. While the bank owed a duty to each member of the fami ...
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On 13 March 2008, Sir Ken Morrison retired as Chairman of W M Morrison Supermarkets plc. Shortly after his retirement, he failed to notify W M Morrison on four separate occasions that he had reduced his voting rights, which he should have done, to below 6%, 5%, 4% and 3% respectively. The changes to his shareholding resulted in W M Morrison not being in a position to update the market. The FSA, therefore, imposed a financial penalty of £300,000 on him, reduced to £210,000 for early settlement, f ...
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The FSA successfully applied to the High Court and obtained an interim injunction freezing company and individual assets of Da Vinci Invest Ltd in relation to the FSA's finding of market abuse in 2010 involving fake share order scams. Da Vinci Invest Ltd is a Swiss based fund manager, but registered in the UK.
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On appeal to have the applicants' previous decision set aside, the Upper Tribunal unanimously concluded that the conduct of the applicants had persistently and repeatedly failed to respect the Prospectus rules and the FSA Handbook. In this regard, the prohibitions imposed on them by the FSA would stand and the financial penalty for Mr Visser previously set at £2 million and the reduced financial penalty for Mr Fagbula of £100,000 would also stand.
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Mr Geddis challenged the financial penalty of £25,000 imposed by the FSA in relation to market abuse committed on the London Metal Exchange. The Upper Tribunal held that Mr Geddis had not appreciated that the price levels at which he was trading were contrary to the LME's interpretation of the Lending Guidance and that the FSA had not established that Mr Geddis demonstrated a lack of integrity, but that he was such a person and that while his conduct in creating a disorderly market fell below th ...
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The Upper Tribunal struck out Mr Allen's reference that his prohibition order should be revoked on the basis that it had no real prospect of succeeding. The prohibition order had been made correctly following the appropriate procedures and there was no other sustainable ground of challenge.
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