The Financial Services Authority (‘the FSA’) had brought a criminal prosecution against the Appellant, Mr Neil Rollins, for (i) offences of insider dealing contrary to section 52 of the Criminal Justice Act 1993 and (ii) offences of money laundering contrary to sections 327 and 328 of the Proceeds of Crime Act 2002 (‘POCA’). The allegations under (i) related to the sale of shares in a company by which he was employed. The allegations under (ii) related to the transfer of part of the proceeds of ...
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The FSA and the Financial Reporting Council (FRC) have issued a discussion paper which considers ways of enhancing auditors' contribution to regulation. The purpose of the paper is to stimulate debate on the role of auditors following the financial crisis. The paper therefore explores how the FSA, the FRC and auditors can work together more effectively to enhance auditors' contribution to prudential regulation. The deadline for responses is 29 September 2010.
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The FSA took action against two insurance brokers for failing to adequate protect clients’ money and assets. Mr Way, the director of Shield Insurance Consultancy Ltd was fined £77,957 and banned from working in financial services for putting clients at risk by failing to ensure their insurance premiums were passed on to insurers. Mr Shillaker, the director of Griffiths McAlister Insurance Brokers Ltd was banned from working in financial services for knowingly transferring client money to the bus ...
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The FSA fined Vantage Capital Markets LLP £700,000 for failing to prevent Daniel Hassell from performing a significant influence function without obtaining the FSA’s approval over the period of more than four years. Vantage knew that Mr Hassell was not an approved person and that the FSA was not satisfied that he was a fit and proper person to perform a significant influence function. While Mr Hassell was described as a consultant he in fact exercised a significant influence over Vantage’s opera ...
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The FSA fined David Head, director of Essex based mortgage and insurance broker network FT Compliance Services Limited (“FTCS”), £10,500 for failing to properly supervise insurance brokers who he knew had close links with a firm and individual previously disciplined by the FSA for Payment Protection Insurance (“PPI”) failings. FTCS operated as a network and recruited mortgage and insurance brokers as appointed representatives. Mr Head was solely responsible for ensuring FTCS and its brokers were ...
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The FSA fined an IFA firm, N-Hanced LLP, £21,000. The FSA found that the firm had not recorded sufficient information about customers to demonstrate that its advisers had identified their clients' needs and reflected them in any recommendations they made. -Hanced LLP also failed to adequately monitor the quality of its pension switching advice and record relevant management information on its pension switching business. Without these systems, the firm would not have been able to monitor its sale ...
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The FSA has banned six individuals for failings in relation to mortgage fraud. The FSA found that all lacked honesty and integrity, most had committed mortgage fraud by providing false or misleading details in mortgage applications and a number had deliberately obstructed investigations. Messrs Morton, Meah and Smith worked for Neale Morton IMS Limited. Mr Morton was fined £130,192 for knowing involvement in mortgage fraud and for systems and controls failings for which we has personally culpabl ...
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The FSA had fined three individuals Paul Armitage, Huw Evans and Brian Smith, who were all partners and approved persons of Pace Financial Management, a firm of independent financial advisers and mortgage brokers based in Sheffield. Mr Armitage and Mr Evans were both fined £17,500 and Mr Smith was fined £14,000 for failing to implement appropriate systems and controls. The partners failed to supervise effectively the other partners and mortgage advisers at the firm, and failed to put in place ef ...
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The FSA banned three mortgage brokers from working in the financial services industry and fined two of the brokers £294,500 and £120,000. Mr Charalambous was a director of the Financial Associates Ltd in Sidcup Kent. He was fined £294,500 for taking part of a customer’s mortgage advance and for attempting to defraud life insurance companies. He advised a customer to remortgage a property and increased the amount of the loan on the mortgage application without the customer’s knowledge or approval ...
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The FSA banned three individuals, Timothy Higgins, Clifford Felstead and Ralph Brunswick, from financial services for their involvement in a scheme which defrauded Markel International Insurance Company, QBE Insurance (Europe) and Amalfi Underwriting over an extended period of time, exposing them to significant losses. Mr Higgins was a director and founder of Surety Guarantee Consultants (“SGC”) and Mr Felstead was an employee of SGC in a management role. SGC held binding authorities with London ...
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