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10th March 2010 FSA publishes Financial Risk Outlook The Financial Services Authority (FSA) today published its Financial Risk Outlook (FRO) outlining the main risks and issues present in its operating environment, affecting firms, markets and consumers. This year's FRO is divided into four sec... |
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9th March 2010 FSA update on PPI reforms The Financial Services Authority (FSA) today published feedback to its plans to reform the Payment Protection Insurance (PPI) market and announced a further six week consultation on its revised package of measures. In response to its consultation (C... |
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3rd March 2010 FSA fines IFA director GBP49,000 for putting customers at risk of receiving poor pension switching advice The Financial Services Authority (FSA) has fined Charles Palmer, director of Gloucestershire based IFA network, Financial Ltd, GBP49,000 for management failings which resulted in poor compliance monitoring on pension switching advice during a period ... |
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2nd March 2010 FSA fines and bans Bromley mortgage broker for submitting fraudulent mortgage applications The Financial Services Authority (FSA) has fined Bromley mortgage broker, Dele MacAulay, GBP115,157 for knowingly submitting nine fraudulent mortgage applications for himself, his wife, and his brother. MacAulay, trading as Dele MacAulay Financial ... |
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1st March 2010 FSA finalises new framework for financial penalty-setting The Financial Services Authority (FSA) has today published its new penalties policy, which establishes a consistent and more transparent framework for the calculation of financial penalties, and which could see enforcement fines treble in size. Und... |
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25th February 2010 FSA fines national financial advice firm GBP700,000 for failings relating to Lehman-backed structured product sales The Financial Services Authority (FSA) has today fined RSM Tenon Financial Services Limited (Tenon) GBP700,000 for significant failings in its dvice and sales processes relating to Lehman-backed structured products, and for having poor systems and co... |
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24th February 2010 FSA censures Park Row, announces a customer redress exercise up to GBP7.8m and fines former CEO GBP49,000 The Financial Services Authority (FSA) has publicly censured Park Row Associates Limited (Park Row), a national IFA network, for failing to ensure its sales were suitable and secured customer redress estimated at between GBP5m and GBP7.8m. The FSA ... |
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24th February 2010 FSA issues warning about new share scam The Financial Services Authority (FSA) has issued a warning following the dramatic increase in overseas fraudsters selling shares using the names, registration numbers and addresses of FSA authorised firms and individuals. The FSA has noticed a sign... |
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23rd February 2010 FSA returns GBP270,000 to victims of share fraud The Financial Services Authority (FSA) has recovered approximately GBP270,000 as a result of action taken against companies involved in a share fraud activity. This figure is believed to be the full amount invested by victims and it will be repaid t... |
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18th February 2010 Glasgow stock broker firm fined GBP101,500 The Financial Services Authority (FSA) has fined Glasgow-based stock broking firm Direct Sharedeal Limited (DSL) GBP101,500 after its appointed representative, First Colonial Investments LLP (FCI), used misleading sales pitches which failed to set ou... |
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17th February 2010 Semperian Limited Partnership pleads guilty to change in control offence Today, at the City of Westminster Magistrates Court, Semperian PPP Investment Partners Limited Partnership (Semperian) pleaded guilty to an offence under section 191(3) of the Financial Services and Markets Act 2000 by acquiring an authorised firm be... |
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17th February 2010 FSA takes robust action against Wills & Co to stop it putting customers at risk The Financial Services Authority (FSA) has censured Wills & Co, a London based stockbroking firm, for poor sales practices and not monitoring its advisers properly despite a fine and a previous requirement to take remedial action. Wills & Co ... |
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16th February 2010 Three Turkish oil company executives fined GBP1.16m for market abuse The Financial Services Authority (FSA) has fined Mehmet Sepil, the chief executive officer of Genel Enerji, a Turkish oil exploration company, GBP967,005 for dealing in the shares of UK listed Heritage Oil Plc (Heritage) on the basis of inside inform... |
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15th February 2010 FSA chairman says past assumptions about the benefits of unlimited financial services liberalisation and innovation have to be challenged Policymakers and regulators have to be prepared to challenge recent assumptions about the unlimited expansion and liberalisation of the global financial services sector, Lord Turner said today. Speaking at the Reserve Bank of India in Mumbai, Lord T... |
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15th February 2010 FSA bans London based mortgage broker for incompetence and failing to prevent mortgage fraud The Financial Services Authority (FSA) has banned Walthamstow mortgage broker Kevin Byrne for lacking the integrity and competence to prevent his business being targeted by mortgage fraudsters. An investigation by the FSA revealed Byrne accepted mo... |
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12th February 2010 FSA announces annual funding requirement for 2010/11 The Financial Services Authority (FSA) has today announced its proposed annual funding requirement for 2010/11. The budget reflects the FSA's determination to continue delivering intensive supervision and the substantial international regulatory refo... |
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5th February 2010 Director banned by FSA for Client Money failings The Financial Services Authority (FSA) has banned the director of a Manchester based mortgage and general insurance firm from holding senior positions in the financial services industry after his failure to comply with client money rules resulted in ... |
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4th February 2010 FSA bans West London mortgage broker for submitting fraudulent applications The Financial Services Authority (FSA) has banned mortgage intermediary Andrew Emelife for knowingly submitting mortgage applications to lenders that contained false and misleading income information. Emelife also commissioned an accountant to prov... |
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3rd February 2010 FSA bans hedge fund manager and fines him GBP140,000 for 'mis-marking' The Financial Services Authority (FSA) has banned a London based hedge fund manager and fined him GBP140,000 for deceiving investors by mis-marking funds he managed and misleading the FSA during the investigation. Simon Treacher was an FSA approved ... |
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1st February 2010 FSA and Police launch 'Operation WARN' to prevent thousands of people from becoming victims of share fraud The Financial Services Authority (FSA) and City of London Police have this week written to 6,500 homes across the UK to warn people that their details are on a master' list being used by share fraudsters to target people and sell them worthless share... |
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1st February 2010 FSA targets small cap sales practices The Financial Services Authority (FSA) has censured Falcon Securities (UK) Limited (Falcon), a London-based stock broking firm, for numerous failures by its appointed representative, Montague Pitman Securities Limited (MPS), in the way it treated its... |
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1st February 2010 SEC and UK FSA Hold Fifth Meeting of the SEC-FSA Strategic Dialogue Today, Financial Services Authority (FSA) chairman Lord Turner and chief executive Hector Sants, and US Securities and Exchange Commission (SEC) chairman Mary Schapiro met as part of the SEC-FSA Strategic Dialogue. The purpose of the Dialogue, which ... |
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29th January 2010 FSA introduces further protections for sale and rent back customers The Financial Services Authority (FSA) has today published new rules and guidance which put in place a strong framework of consumer protection for vulnerable consumers in the sale and rent back (SRB) market. The FSA adopted a two-stage approac... |
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29th January 2010 Three arrested in FSA insider dealing investigation Three 38-year-old men were arrested yesterday in connection with an investigation by the Financial Services Authority (FSA) into suspected insider dealing. Search warrants were executed at four addresses in London as part of the operation. All... |
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28th January 2010 FSA outlines latest steps to address corporate governance at firms The Financial Services Authority (FSA) has today issued a Consultation Paper (CP) on effective governance standards within firms. As part of its supervisory enhancement programme, the FSA places greater emphasis on the role of senior management at f... |
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27th January 2010 Derbyshire firm and its two partners fined a total of GBP49,000 The Financial Services Authority (FSA) has levied fines totalling GBP49,000 on a Derbyshire based financial advice firm and its two partners. The failings at Sett Valley Insurance Services (Sett Valley) were identified during an FSA visit focussing... |
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26th January 2010 FSA sets out new steps to ensure that borrowers in arrears are treated fairly and to reduce levels of mortgage fraud The Financial Services Authority (FSA) has today set out a package of measures that will help to ensure that mortgage holders in arrears are treated fairly and which reinforces the FSA's tough stance in its battle against mortgage fraud. The propos... |
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21st January 2010 FSA Chairman calls for close engagement between accounting standard setters and prudential regulators of banks FSA chairman, Lord Turner, today called for close engagement between global accounting standard setters and those responsible for prudential regulation of the banking sector to address issues arising from the unique systemic nature of banks. Financ... |
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21st January 2010 FSA outlines concerns about firms' handling of clients' money and assets The Financial Services Authority (FSA) has sent a letter and report to the chief executive officers (CEOs) of major insurance brokers and investment firms which are able to hold money or assets on behalf of clients. The letter draws attention t... |
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20th January 2010 FSA fines and bans Bolton mortgage broker for failing to act with competence and capability The Financial Services Authority (FSA) has fined and banned Bolton based mortgage and insurance broker, Riaz Ahmad. Ahmad has been fined GBP5,000 and prohibited from working in regulated financial services for failing to act with competence ... |
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20th January 2010 FSA fines Standard Life GBP2.45m for serious systems and controls failures Pension Sterling Fund customers misled about underlying investment risks First significant fine of 2010 signals FSA intentions The Financial Services Authority (FSA) has today fined Standard Life Assurance Limited (SLAL) GBP2.45m for serious syst... |
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19th January 2010 Insurance fraudster banned by FSA for deceiving customers out of almost GBP400k The Financial Services Authority (FSA) has banned an insurance company director for lying to his customers, lying to the FSA and failing to pass on insurance premiums. Mark Hazelwood operated Synergys Ethical Limited from Whitwell in Hertfor... |
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18th January 2010 FSA removes director's approval to hold senior positions for two years The Financial Services Authority (FSA) has revoked the approval of a Durham-based director of a mortgage broker firm, preventing him from holding senior positions in the financial services industry for at least two years. Roger Collins was the only... |
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14th January 2010 FSA bans insurance broker for failing in his duties as a director The Financial Services Authority (FSA) has banned Stephen Allen, a director of insurance broker, Fabien Risk Services Ltd, for failing in his duties as a director of a regulated firm. Allen's ban means he is prohibited from holding any manage... |
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12th January 2010 FSA takes action against London mortgage broker for lack of openness and co-operation with the regulator The Financial Services Authority (FSA) has removed the approval of London-based mortgage broker Olayinka Oladipupo for not being fit and proper to run an authorised firm. The permission of Trinity Network Services Limited (Trinity), where Oladi... |
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11th January 2010 Research analyst and spread better friend committed market abuse, says Tribunal A former research analyst, Robin Chhabra, and his friend Sameer Patel have been found to have committed market abuse by using inside information to carry out a series of profitable spread bets. The decision by the Financial Services and Markets Tri... |
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7th January 2010 FSA fines Northern Ireland mortgage firm for failing to prevent fraud and bans one of its partners The Financial Services Authority (FSA) has fined County Down mortgage intermediary Case Funding Centre (CFC) GBP35,000 for failures which led to at least 16 fraudulent mortgage applications being submitted to lenders. James Ian Shanks, a form... |
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6th January 2010 FSA starts criminal proceedings against former iSOFT directors The FSA confirms that it has commenced criminal proceedings against four former directors of iSOFT Group Plc for the offence of conspiracy to make misleading statements, contrary to section 397 (1)(a) and (2) of the Financial Services and Markets Act... |
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5th January 2010 FSA appoints consumer senior advisor The Financial Services Authority (FSA) today announced the appointment of Julian Edwards to the role of consumer senior advisor. Julian, who will take up the role from 1 January, has more than 30 years experience as a consumer champion working for v... |
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17th December 2009 Director fined GBP75,000 and banned from the industry for lying to FSA The Financial Services Authority (FSA) has fined the director of a West Midlands financial adviser firm GBP75,000 for lying repeatedly to the regulator, and banned him from the industry. Simon Kuun ran MFP Group Plc (MFP), a financial planning firm ... |
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17th December 2009 Toronto Dominion fined GBP7m for repeated failings The Financial Services Authority (FSA) has today fined Toronto Dominion Bank (London Branch) (Toronto Dominion) GBP7m for repeated systems and controls failings around the pricing of sophisticated financial products - forcing the bank to make a ... |
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16th December 2009 FSA consults on raising professional standards for all investment advisers The Financial Services Authority (FSA) has today published proposals for enhancing the professionalism of investment advisers under the Retail Distribution Review (RDR). The RDR is seeking to rebuild people's trust and confidence in the retail inves... |
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16th December 2009 FSA bans partner for failing to manage affairs of her mortgage firm properly The Financial Services Authority (FSA) has banned Nighat Mirza, a partner at a Manchester-based mortgage brokerage, for lacking competence and for failing to manage the firm's affairs properly. Mirza was a partner of KS Financial and became an appr... |
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11th December 2009 FSA strengthens stress testing regime The Financial Services Authority (FSA) has strengthened its stress testing regime by requiring firms to improve their stress testing capability, enhance their capital planning stress testing and by introducing a reverse stress testing requirement for... |
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11th December 2009 FSA appoints a new senior advisor The Financial Services Authority (FSA) today announced the appointment of a new senior advisor. Graham Halliday will advise across the FSA, with reference to his specialist area; retail banking. Graham joins the FSA part time. He has 37 ... |
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10th December 2009 FSA consults on strengthening firms' capital standards The Financial Services Authority (FSA) has today issued proposals aimed at ensuring the financial soundness of firms by strengthening the prudential regime. The consultation paper sets out the FSA's proposals for implementing changes that are r... |
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10th December 2009 Corporate broker intern and his father receive 12 and 24 month prison sentences respectively for insider dealing Former corporate broker intern, Matthew Uberoi and his father, Neel Uberoi, were today sentenced 12 and 24 month prison sentences respectively for insider dealing. The court adjourned the case until 14th December to consider the appropriate level o... |
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8th December 2009 FSA publishes feedback statement on remuneration The Financial Services Authority (FSA) has today published the summarised feedback it received on whether to extend its code on remuneration policies to other FSA-authorised firms. The FSA's remuneration code comes into force for large banks, build... |
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7th December 2009 FSA bans broker for high pressure sales techniques and widespread systems and controls failings FSA bans broker for high pressure sales techniques and widespread systems and controls failings. The Financial Services Authority (FSA) has banned Aaron Nickols, trading as Warwick Finance (Warwick) for not being fit and proper to run a mortgage and... |
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7th December 2009 New Chairman of the Practitioner Panel appointed The Financial Services Authority (FSA) today announced the appointment of Iain Cornish as Chairman of the Financial Services Practitioner Panel for two years from 1 December 2009. Iain takes the place of Nick Prettejohn, who stands down having compl... |
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2nd December 2009 Insurance broker brothers banned for concealing criminal record from FSA The Financial Services Authority (FSA) has banned two Leytonstone insurance brokers, Faraz Ahmed Siddique and Waqas Ahmed Siddique, for lying to cover up Waqas Siddique's criminal conviction. Waqas Siddique was charged with conspiracy to defraud in... |
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1st December 2009 FSA bans Northern Ireland mortgage broker for failing to treat customers fairly The Financial Services Authority (FSA) has banned mortgage broker Noel Heaney, trading as Heaney Finance, after identifying wide-ranging management and control problems across his business and for failing to treat his customers fairly. The FSA conc... |
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30th November 2009 FSA bans Essex mortgage broker for advice failings and not having appropriate systems and controls in place The Financial Services Authority (FSA) has banned Essex based mortgage broker, Antoinette Davis, for not being fit and proper to run a mortgage brokerage. The permission of Antoinette Davis, trading as Ability Mortgage Solutions, has also been cancel... |
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26th November 2009 FSA appoints senior advisors on governance and authorisation The Financial Services Authority (FSA) has announced the appointment of five new senior advisors who will assist the FSA in its work on governance issues. These advisors will provide input into developing the FSA's regulatory framework for ensu... |
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24th November 2009 FSA fines Nomura GBP1.75 million for inadequate systems and controls The Financial Services Authority (FSA) has fined Nomura International Plc (Nomura) GBP1.75 million for widespread systems and controls failings around book marking within its International Equity Derivatives (IED) business. The systems and controls ... |
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23rd November 2009 Macro prudential tools vital to future financial stability Lord Turner, chairman of the Financial Services Authority (FSA), today said that reforms to the regulation and supervision of individual financial firms need to be combined with new macro prudential tools to guard against the risks of future financia... |
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17th November 2009 FSA fines former stockbroker GBP24,000 for market abuse The Financial Services Authority (FSA) has today fined Mr Alexei Krilov-Harrison, a former stockbroker at Pacific Continental Securities UK Ltd (PCS), GBP24,000 for using inside information about an AIM-traded company to encourage his clients to buy ... |
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13th November 2009 FSA fines and bans former UBS employee for helping conceal unauthorised trading losses The Financial Services Authority (FSA) has banned and fined Andrew Cumming, a former client adviser at the London branch of UBS AG (UBS), for his role in the activities that led to the firm receiving an GBP8 million fine earlier this month for system... |
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13th November 2009 Jon Pain addresses mortgage industry on FSA's mortgage market review proposals Speaking at the Council of Mortgage Lenders' Annual Conference, Jon Pain, the Financial Services Authority's (FSA) managing director of Supervision, said it is important to acknowledge that although the mortgage market worked well for many, it failed... |
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11th November 2009 FSA proposes to strengthen prudential standards for credit unions The Financial Services Authority (FSA) has today set out its proposals for strengthening the financial resilience of the credit union sector and ensuring that its customers are adequately protected. The proposals aim to raise prudential standards i... |
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11th November 2009 Mortgage broker banned for concealing true nature of governance arrangements from the FSA and for mortgage fraud The Financial Services Authority (FSA) has banned Birmingham mortgage broker Mohammed Hanif for obtaining authorisation by giving the FSA false information to conceal his involvement in the running of the business. The authorisation applicati... |
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10th November 2009 FSA to simplify system for calculating regulatory fees The Financial Services Authority (FSA) has today announced proposals to simplify the structure of the fees it levies on regulated firms and to enhance fairness and transparency. Following a review of its approach for determining the annual fees that... |
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9th November 2009 FSA chief says cultural change needed to drive reform Reform will only come if both the regulator and the regulated are committed to genuine change, according to Financial Services Authority (FSA) chief executive Hector Sants. Speaking today at Bloomberg, London, Hector Sants emphasised how the FSA has... |
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6th November 2009 FSA sets out new prudential regime for personal investment firms The Financial Services Authority (FSA) has today set out its new prudential regime for personal investment firms (PIFs) to ensure that they are better capitalised to withstand any future financial shocks. Under the new rules, all PIFs will have to ... |
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6th November 2009 Arrest made as FSA continues clamp down on share fraud The Financial Services Authority (FSA) yesterday took action against two individuals and seven businesses suspected of involvement in 'boiler room' share fraud activity. With the assistance of the City of London Police, the FSA executed search warra... |
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5th November 2009 FSA fines UBS GBP8million for failing to prevent employees carrying out unauthorised transactions with customer money The Financial Services Authority (FSA) today fined UBS AG (UBS) GBP8million for systems and controls failures that enabled four employees to carry out unauthorised transactions involving customer money on at least 39 accounts. The unauthorised activ... |
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4th November 2009 Former corporate broker intern and father found guilty of insider dealing Matthew Uberoi and his father, Neel Uberoi, were today found guilty of 12 counts of insider dealing at Southwark Crown Court. Neel Uberoi made about GBP110,000 profit based on inside information provided by Matthew Uberoi. The insider dealing prose... |
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2nd November 2009 FSA chairman says 'no silver bullet' to address 'too-big-to-fail' challenge There is no 'silver bullet' to address the problem of banks being 'too-big-to-fail', but instead the answer lies in a combination of different policies between which trade-offs can be made, according to Adair Turner, speaking this morning at the FSA'... |
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29th October 2009 GMAC-RFC Limited fined GBP2.8million for unfair treatment of customers in arrears and repossessions and will pay up to GBP7.7m customer redress The Financial Services Authority (FSA) has today announced it has fined GMAC-RFC Limited (GMAC-RFC) GBP2.8million for failing to treat customers fairly and secured redress of up to GBP7.7million (plus interest) for over 46,000 mortgage customers. Be... |
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28th October 2009 FSA begins new banking regulation to promote fairness for consumers The Financial Services Authority (FSA) will begin regulating banks' and building societies' day-to-day contact with their customers from 1 November 2009, covering everything from direct debits, payments, instant access and savings accounts through to... |
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28th October 2009 Swinton to offer refunds on over 480,000 PPI policies following FSA intervention The Financial Services Authority (FSA) has fined Swinton Group Ltd, the high street insurance broker, GBP770,000 for serious failings in their advised sales of single premium payment protection insurance (PPI). Following discussions with the regulat... |
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27th October 2009 FSA takes action to help investors with Lehman-backed structured products The Financial Services Authority (FSA) has today announced tough and wide-ranging action to help investors who received unsuitable advice or misleading promotional material when they bought a Lehman-backed structured product, as well as measures to a... |
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26th October 2009 FSA announces tough new code for financial reporting disclosure The Financial Services Authority (FSA) has announced today that the major UK-headquartered banks have agreed to implement a tough new code for financial reporting disclosure. The code forms part of proposals, designed to enhance investors' confidenc... |
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22nd October 2009 FSA publishes further analysis on systemically important banks and the cumulative impact of capital and liquidity reform The Financial Services Authority (FSA) has today issued a discussion paper (DP) focusing on policy measures to address the problem of systemically important 'too-big-to-fail' banks. The paper also examines the trade-offs involved in increasing capita... |
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21st October 2009 FSA bans another East London broker for mortgage fraud The Financial Services Authority (FSA) has banned Barking-based mortgage broker, Tomilola Omolola Ogunmoye for knowingly submitting false and misleading information about her income to four lenders to obtain mortgages for herself. As well as submitt... |
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19th October 2009 FSA sets out major reforms for the mortgage market The Financial Services Authority (FSA) today sets out proposals for the major reforms required in the UK mortgage market to ensure that it works better for consumers and is sustainable for all market participants. The proposals, published in the mor... |
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14th October 2009 FSA outlines its approval and interview process for significant influence functions The Financial Services Authority (FSA) has written to the CEOs of 5,000 regulated firms to reinforce how its intensive regulatory approach applies to approving and supervising senior personnel performing significant influence functions (SIFs). The l... |
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13th October 2009 FSA makes four new appointments to the Consumer Panel The Financial Services Authority (FSA) today announced four new appointments to the Financial Services Consumer Panel (FSCP) to help in its continuing role of advising the FSA on the interests and concerns of consumers. Kay Blair has been a member ... |
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12th October 2009 FSA bans East London mortgage broker for misleading lenders The Financial Services Authority (FSA) has banned East London based mortgage broker, Ayodele Olubunmi Thomas, for knowingly submitting false and misleading information about his income to obtain mortgages and loan advances. Her Majesty's Revenue and... |
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8th October 2009 FSA fines Seymour Pierce GBP154,000 for failing to prevent employee fraud The Financial Services Authority (FSA) has today fined London-based investment bank and stockbroker Seymour Pierce Limited GBP154,000 for failing to establish effective controls to guard against employee fraud. As a result of Seymour Pierce's failin... |
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7th October 2009 Dresdner traders censured for abuse in debt market The Financial Services Authority (FSA) has today censured Darren Morton, a director and Christopher Parry, a vice president at Dresdner Kleinwort (now part of Commerzbank) for committing market abuse in relation to a new issue of Barclays' bonds. &nb... |
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7th October 2009 FSA and firms reach agreement on MPPI The Financial Services Authority (FSA) and Mortgage Payment Protection Insurance (MPPI) firms have agreed an industry-wide package of measures for consumers, including refunds of around GBP60 million. The industry has acted in response to FSA concer... |
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6th October 2009 FSA chairman outlines factors for successful European regulation Lord Turner, chairman of the Financial Services Authority (FSA), today set out the factors that will determine the success of plans to change the structure of regulation in Europe. He was speaking at the City of London Corporation's Annual Rece... |
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5th October 2009 FSA finalises far-reaching overhaul of UK liquidity regulation The Financial Services Authority (FSA) has today published its final rules on the liquidity requirements expected of firms. The far-reaching overhaul, designed to enhance firms' liquidity risk management practices, is based on the lessons learned s... |
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1st October 2009 FSA sets out policy on short selling The Financial Services Authority (FSA) has today issued a Feedback Statement that confirms that it intends to pursue enhanced transparency of short selling through disclosure of significant short positions in all equities. However, it will work... |
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30th September 2009 FSA publishes feedback to the Turner Review and associated discussion paper The Financial Services Authority (FSA) has today published a response to the feedback it received to the Turner Review and associated discussion paper (DP) issued in March. The feedback statement sets out the FSA's analysis of the responses received... |
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29th September 2009 FSA unveils tough measures to protect PPI consumers The Financial Services Authority (FSA) has today announced a package of tough measures to protect consumers in the Payment Protection Insurance (PPI) market and ensure they are better treated when buying PPI or complaining about it. Firms representi... |
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28th September 2009 FSA proposes significant strengthening of protections for sale and rent back customers The Financial Services Authority (FSA) today set out a package of measures aimed at protecting vulnerable consumers in the sale and rent back (SRB) market. Exploitative advertising and high-pressure sales techniques will be banned under the new prop... |
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23rd September 2009 FSA reaffirms approach to consumer responsibilities The Financial Services Authority (FSA) has today issued a feedback statement reaffirming its regulatory approach to balancing the responsibilities of consumers and firms, which it first set out in Discussion Paper 08/05. The 2008 paper articu... |
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22nd September 2009 FSA chairman insists that the momentum for reform must be maintained Lord Turner, chairman of the Financial Services Authority (FSA), today insisted that the momentum for regulatory reform must be maintained, despite recent signs of economic improvement. Speaking at the Lord Mayor's City Banquet, he said that fa... |
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17th September 2009 Sally Dewar addresses FSA Asset Management Sector conference Sally Dewar, managing director of Wholesale Markets at the Financial Services Authority (FSA), today set out how the EU Alternative Investment Fund Management Directive could be made more workable for the industry and why a risk-based and global appr... |
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16th September 2009 FSA warns penny share customers The Financial Services Authority (FSA) is taking action against penny share dealers after finding that older people are being targeted with high pressure sales tactics. So far this year, the FSA has ordered eleven firms out of the penny share... |
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16th September 2009 FSA and SEC discuss approaches to global regulatory requirements Hector Sants, chief executive of the UK Financial Services Authority (FSA) and Mary Schapiro, chairman of the US Securities and Exchange Commission (SEC), today announced plans to explore approaches to reporting and other regulatory requirements for ... |
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15th September 2009 FSA bans mortgage broker for inadequate controls at his firm The Financial Services Authority (FSA) has banned mortgage broker Arthur Kirk, trading as Grosvenor Mortgage Advice Centre, for failing to establish proper systems and controls at his business based in Manchester. As a result of these failings the ... |
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11th September 2009 FSA update on Lehmans-backed structured products Following the collapse of Lehman Brothers, the Financial Services Authority (FSA) and Financial Ombudsman Service (Ombudsman) have been looking at the potential detriment this has caused for investors in the UK structured products market. In M... |
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10th September 2009 Mortgage broker fined GBP6,000 by court in FSA's first criminal prosecution for change of control failures Vijay Kumar Sharma, sole director of mortgage broker Exetra (UK) Limited, pleaded guilty yesterday at City of Westminster Magistrates Court to charges of acquiring a controlling interest in the firm without giving the Financial Services Authority (FS... |
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10th September 2009 FSA and ABI launch pension calculator to help people plan for retirement Almost one third of people may face financial difficulties when they retire, according to new research, and today the Financial Services Authority (FSA) and Association of British Insurers (ABI) are launching a tool to help. The online pension calc... |
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9th September 2009 FSA fines firm GBP14,000 for financial advice failings The Financial Services Authority (FSA) has today fined a Kent financial advice firm GBP14,000 for failing to demonstrate that its advice on investment products was suitable. The most serious failings related to Henry Neil Ltd's (HNL) advice that cust... |
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8th September 2009 FSA fines Barclays GBP2.45m for failures in transaction reporting The Financial Services Authority (FSA) has fined Barclays Capital Securities Ltd and Barclays Bank PLC (Barclays) GBP2.45m for failing to provide accurate transaction reports to the FSA and for serious weaknesses in systems and controls in relation t... |
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3rd September 2009 FSA publishes industry-level complaints data to increase transparency The Financial Services Authority (FSA) has today for the first time published aggregate figures showing how many complaints regulated firms have received and how they have dealt with them. As part of the FSA's wider commitment to publishing more inf... |
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2nd September 2009 FSA fines broker for failing to prevent insider dealing The Financial Services Authority (FSA) has fined Mark Lockwood, a former trading desk manager at a retail stockbroking firm, GBP20,000 for failing to observe proper standards of market conduct. Lockwood failed to identify and act on a suspiciou... |
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1st September 2009 FSA takes action against chief executive of mortgage network for poor controls over appointed representatives The Financial Services Authority (FSA) has withdrawn the approval for Steven Moorley, director of Premier Network Group Ltd (in liquidation) in Leicestershire, to perform the roles of chief executive and "apportionment and oversight of responsibiliti... |
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27th August 2009 FSA appoints Julian Adams as director of retail firms division The Financial Services Authority (FSA) today announced the appointment of Julian Adams as the director of the FSA’s retail firms division (RFD). RFD supervises around 900 firms operating in the retail market, including fund managers, building soci... |
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25th August 2009 FSA fines director for not disclosing information about adviser The Financial Services Authority (FSA) has fined Christopher Davies, director of Newquay Investment Services (2004) Limited, an IFA based in Cornwall, GBP17,500 for not disclosing to the FSA important information about an adviser Davies had employed ... |
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20th August 2009 FSA and CFTC to enhance regulatory cooperation and cross-border surveillance of oil markets Lord Turner, chairman of the Financial Services Authority (FSA) and Gary Gensler, chairman of the U.S. Commodity Futures Trading Commission (CFTC), today announced that they have taken steps to strengthen cross border supervision of the energy future... |
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19th August 2009 FSA bans and fines mortgage broker GBP70,000 for mortgage fraud The Financial Services Authority (FSA) has banned a London mortgage broker, Grace Nmadibechi Ada Ukala, and fined her GBP70,000 for knowingly submitting false and misleading mortgage applications. Ukala was an FSA approved person and the director o... |
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19th August 2009 FSA provides clarity for activist shareholders The Financial Services Authority (FSA) has set out how its rules apply to activist shareholders who wish to work together to promote effective corporate governance in companies in which they have invested. The FSA said in a letter sent to trade... |
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12th August 2009 FSA confirms introduction of remuneration code of practice The Financial Services Authority (FSA) has today introduced a new code that will require large banks, building societies and broker dealers in the UK to establish, implement and maintain remuneration policies consistent with effective risk management... |
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4th August 2009 FSA fines and bans Newcastle Home Loans and its directors for false information in mortgage applications The Financial Services Authority (FSA) has banned Newcastle Home Loans (NHL), a mortgage broker based in Newcastle, from carrying out regulated mortgage activities. The FSA worked closely with Northumbria Police and the Solicitors Regulation Author... |
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3rd August 2009 FSA bans Cornwall mortgage broker for fraud The Financial Services Authority (FSA) has banned Cornwall mortgage broker Stephen Sanders for submitting at least three mortgage applications on behalf of customers which he knew contained false and misleading income information. Sanders also withh... |
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30th July 2009 FSA imposes public censure on Cheshire Life & Pensions FSA/PN/105/200930 July 2009 The Financial Services Authority (FSA) has today imposed a public censure on a Derbyshire financial advice firm for failing to ensure its advice on pension income drawdown products was suitable. The problems at Cheshire... |
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27th July 2009 FSA confirms changes to the rules for approved persons FSA/PN/104/200927 July 2009 The Financial Services Authority (FSA) has today confirmed an extension of the approved persons regime for those that perform a 'significant influence' function at firms. In its supervisory enhancement programme (SEP) t... |
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24th July 2009 FSA announces changes to the Financial Services Compensation Scheme The Financial Services Authority (FSA) is introducing new rules for the Financial Services Compensation Scheme (FSCS) on banks, building societies and credit unions, which will see individuals and small businesses compensated quicker, and will ensure... |
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24th July 2009 FSA confirms changes to with-profits rules The Financial Services Authority (FSA) has today confirmed that proprietary life insurance companies will not be able to meet future compensation and redress payments from their with-profits funds. These changes mean that any liabilities arising fro... |
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24th July 2009 FSA confirms transfer of business of Britannia Building Society to the Co-operative Bank plc FSA/PN/103/200924 July 2009 The Financial Services Authority (FSA) today announced that it has confirmed the transfer of the business of the Britannia Building Society to the Co-operative Bank plc under the Building Societies Act 1986. A copy of t... |
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22nd July 2009 HSBC firms fined over GBP3m for information security failings The Financial Services Authority (FSA) has fined three HSBC firms over GBP3 million for not having adequate systems and controls in place to protect their customers' confidential details from being lost or stolen. These failings contributed to custom... |
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22nd July 2009 FSA grants new waiver to firms on complaints handling The Financial Services Authority (FSA) has offered firms a new waiver from its complaints handling rules regarding unauthorised overdraft charges for up to six months. The new waiver has been granted to those firms who signed up to the January 2009 ... |
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21st July 2009 FSA fines and bans directors for mismanaging investment scheme and fines firm for financial promotions failings The Financial Services Authority (FSA) has banned and fined the directors of a Yorkshire-based financial group for their misleading promotions and the mismanagement of an investment scheme ("the scheme") which put 53 customers at serious risk of losi... |
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17th July 2009 FSA appoints Gareth Adams as senior advisor The Financial Services Authority (FSA) today announced the appointment of Gareth Adams as a senior advisor. Gareth will start on 3 August and will advise on the asset management sector, an area in which he has extensive experience. Gareth was, until... |
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15th July 2009 FSA bans director for inadequate control of his firm and winds up the business The Financial Services Authority (FSA) has prohibited Graham Darby, Director of insurance broker Ambrose Darby, for failing to control the business of the firm adequately. The order bans Darby performing significant influence functions at any a... |
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15th July 2009 Empowering consumers through improving financial capability Lord Turner, chairman of the Financial Services Authority (FSA), said that a clear regulatory commitment to deliver consumer protection needs to be combined with policies to build customer capability. Speaking at the FSA's Financial Capability 'Hel... |
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13th July 2009 FSA bans Essex mortgage broker for fraud The Financial Services Authority (FSA) has banned Essex mortgage broker Daniel Esqulant for submitting four mortgage applications for himself and one for a close relative all supported by false and misleading income information. The earnings of Esqu... |
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9th July 2009 FSA plans better information for consumers on firms' complaints handling The Financial Services Authority (FSA) is today publishing proposals that will enable people to see how firms handle complaints - including the number received, the main products and services covered and how quickly they are resolved. The proposals ... |
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9th July 2009 FSA bankrupts fraudulent mortgage broker for non-payment of financial penalty The Financial Services Authority (FSA) has secured a bankruptcy order in the High Court against former East London mortgage broker Sadia Nasir for non-payment of a GBP129,000 financial penalty levied on her by the FSA for mortgage fraud. This is the... |
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6th July 2009 FSA proposes bigger fines to achieve credible deterrence The Financial Services Authority (FSA) has today published plans to create a consistent and more transparent framework for calculating financial penalties which could mean some fines treble in size. The new plans reflect the FSA's determination to ... |
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3rd July 2009 FSA bans East London mortgage broker for fraud The Financial Services Authority (FSA) has banned Hornchurch-based mortgage broker Abdul Karim for submitting a mortgage application for himself that was based on false information about his income. Margaret Cole, FSA enforcement... |
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2nd July 2009 FSA fines director for appointed representative control failings The Financial Services Authority (FSA) has fined Richard Holmes, a director of insurance broker AIF Limited, GBP20,020 for control failings in relation to an appointed representative firm (AR). In September 2006, Holmes appointed an AR withou... |
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2nd July 2009 Financial Services Authority announces final stage of operational reforms with new integrated operating structure The Financial Services Authority (FSA) has announced a new operational structure designed to better align its internal operating model to its core activities of identifying and mitigating risk, supervision and enforcement. The reorganisation also tak... |
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2nd July 2009 Adam Phillips appointed Chairman of Financial Services Consumer Panel The Financial Services Authority (FSA) today announced that Adam Phillips has been appointed chairman of the Financial Services Consumer Panel. He has been vice chairman of the Panel since 2005 and acting chairman since December 2008. Adam Ph... |
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30th June 2009 FSA chairman tells bankers radical changes in regulation essential Lord Turner, chairman of the Financial Services Authority (FSA), said today that excellent supervision is a necessary but not sufficient condition for financial stability, warning that unless rules are changed radically, future crises will not be avo... |
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29th June 2009 Lord Turner appointed chair of FSB's Standing Committee for Supervisory and Regulatory Co-operation The Financial Services Authority (FSA) chairman, Adair Turner, has been appointed chairman of the Financial Stability Board's Standing Committee for Supervisory and Regulatory Co-operation. The Financial Stability Board (FSB) was re-established in A... |
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26th June 2009 FSA bans director for inadequate supervision of his firm The Financial Services Authority (FSA) has prohibited Simon Robins, Compliance Director of Chase UK Corporation Limited (Chase), for failing to adequately supervise the operations of the firm. As a result of these failings the firm was used by third ... |
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26th June 2009 UK short selling disclosure regime extended The Financial Services Authority (FSA) has today extended, without a time limit, the current disclosure regime for significant net short positions in the stocks of UK financial sector companies due to expire on 30 June. Financial sector companies E... |
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25th June 2009 FSA details the enhanced standards people can expect from all investment advisers The Financial Services Authority (FSA) has today published proposals to build people's trust and confidence in the retail investment market. The FSA has issued a consultation paper on its Retail Distribution Review (RDR), which sets out detailed pro... |
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24th June 2009 FSA publishes Annual Report for 2008/09 The Financial Services Authority (FSA) today published its Annual Report for the year 2008/09. The report details how the FSA performed during the year against its statutory objectives and how it has delivered outcomes for both firms and consumers u... |
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22nd June 2009 FSA refers firms to enforcement in clampdown on poor mortgage arrears handling The latest review from the Financial Services Authority (FSA) has found continued weaknesses in the way specialist lending firms and third party administrators are handling mortgage arrears and repossessions. Four firms have been referred to enforce... |
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16th June 2009 Finance director and two lawyers charged with insider dealing Andrew King, a finance director, and Michael Mcfall and Andrew Rimmington, both lawyers, appeared today at City of Westminster Magistrates' Court charged with 8 counts of insider dealing, contrary to section 52 of the Criminal Justice Act 1993. And... |
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16th June 2009 FSA bans South London mortgage broker for fraud The Financial Services Authority (FSA) has banned Tooting-based mortgage broker Guiliano Chianelli for declaring false and misleading information about his income in order to obtain a mortgage. Chianelli's earnings as stated in his mortga... |
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15th June 2009 New Insurance Sector Director at the FSA The Financial Services Authority (FSA) today announced the appointment of Ken Hogg, currently interim Chief Financial Officer at MGM Assurance, as Insurance Sector director. He will start at the FSA on Monday 6 July and will report to Jon Pain,... |
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10th June 2009 FSA bans broker for failings on mortgage fraud prevention The Financial Services Authority (FSA) has banned North London broker Akin Johnson for systems and controls failings which led to at least eight mortgage applications being submitted to lenders containing false and misleading information. Jonathan P... |
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9th June 2009 Britannia Building Society and Co-operative Financial Services Limited/Co-operative Bank plc: Confirmation Hearing Details The Financial Services Authority (FSA) today announced the arrangements for the hearing of the proposed transfer of the business of Britannia Building Society to Co-operative Bank plc. The confirmation hearing will be held at the Financial Services... |
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8th June 2009 Keydata Investment Services Ltd Keydata Investment Services Ltd ("Keydata") has today been placed into administration on the grounds that it is insolvent. Following an application to the Royal Courts of Justice by the Financial Services Authority (FSA), Dan Schwarzmann and Mark Bat... |
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5th June 2009 FSA consults on additional guidance for building societies The Financial Services Authority (FSA) is today consulting on additional guidance to ensure that building societies diversifying away from the traditional business model have the risk management systems and skills necessary to operate safely. Using ... |
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4th June 2009 FSA proposes extension of separate deposit protection limits The Financial Services Authority (FSA) today proposes to extend until December 2010 interim rules which allow separate compensation cover for customers with deposits in two merging building societies. It also proposes a similar extension for cu... |
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3rd June 2009 FSA to protect sale and rent back customers The Financial Services Authority (FSA) has today published the details of the regime that it aims to introduce on 1 July to tackle immediate problems for customers in the sale and rent back (SRB) market. This follows HM Treasury's announcement yeste... |
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1st June 2009 Financial Services Compensation Scheme Board appointments The Financial Services Authority (FSA) has appointed two new non-executive directors to the board of the Financial Services Compensation Scheme (FSCS) with effect from today. They are: Ivan Rogers Ivan Rogers started his career as a civil ... |
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1st June 2009 FSA proposes to extend short selling disclosure regime The Financial Services Authority (FSA) is today proposing to extend the current disclosure regime for significant net short positions in the stocks of UK financial sector companies, due to expire on 30 June 2009. Extending the regime will continue t... |
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28th May 2009 Six arrested in FSA insider dealing investigation Five men and one woman, aged between 27 and 34, were today arrested in connection with an ongoing investigation by the Financial Services Authority (FSA) into suspected organised insider dealing. Search warrants were also executed at eight addresses ... |
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28th May 2009 FSA statement on its use of stress tests The publication in the US of the results of bank stress tests has provoked considerable interest in the use of stress testing by authorities in other countries, in particular in Europe. Stress testing can and has been used in a variety of diffe... |
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26th May 2009 FSA bans and fines trader GBP140,000 for unauthorised 'pre-hedging' The Financial Services Authority (FSA) has banned and fined trader Nilesh Shroff for deliberately disadvantaging his customers by 'pre-hedging' trades without their consent. Shroff has been prohibited from performing any regulated function on t... |
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20th May 2009 FSA bans trader for concealing his trading position The Financial Services Authority (FSA) has banned David Connor Redmond for seeking to conceal his trading position. Redmond was employed as a trader on the freight desk of Morgan Stanley's commodities division in London where he traded both freight... |
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14th May 2009 FSA bans Bradford mortgage broker for mortgage fraud The Financial Services Authority (FSA) has banned a Bradford mortgage adviser, Sofique Ullah, who traded as M A Financial Services and M A Mortgages (M A Financial Services), for knowingly submitting mortgage applications supported by inaccurate and ... |
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13th May 2009 FSA fines Morgan Stanley GBP1.4m for failing to prevent trader mis-marking and fines and bans Matthew Sebastian Piper The Financial Services Authority (FSA) has today fined Morgan Stanley & Co International Plc (Morgan Stanley) GBP1.4 million for systems and controls failings in relation to trader mis-marking which led the firm to make a $120 million negative ad... |
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12th May 2009 Lord Turner addresses FSA mortgage conference Lord Turner, chairman of the Financial Services Authority (FSA), today set out the complexities and challenges in the mortgage market that need to be considered as part of the regulatory reform that will be announced later this year by the FSA. Spea... |
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11th May 2009 FSA bans and fines mortgage broker GBP101, 279 for fraud The Financial Services Authority (FSA) has banned a mortgage broker and fined him GBP101,279 for submitting a fraudulent mortgage application and for concealing a fraud conviction when applying to the FSA for approval as a directo... |
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7th May 2009 FSA calls for more effective governance and risk management at firms Financial companies need to create board-level governance structures that allow for challenge without creating conflict, Hector Sants, chief executive of the Financial Services Authority (FSA), said today in a speech to the Securities and Investment ... |
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6th May 2009 Seven arrests in FSA operation on boiler rooms The Financial Services Authority (FSA), in close cooperation with the City of London Police Economic Crime Directorate and with assistance from Hertfordshire Constabulary Fraud Squad, earlier today conducted a major operation to search a number of pr... |
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30th April 2009 FSA bans East London mortgage broker for involvement with fraud The Financial Services Authority (FSA) has banned Tower Hamlets based mortgage adviser Zia Chowdhury for certifying client identities for fraudulent mortgage applications. He also operated his firm Express Financial without being approved by the FSA ... |
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29th April 2009 Hedge fund manager banned and fined GBP35,000 for mismarking trading positions to hide losses The Financial Services Authority (FSA) has banned and fined Mr Loic Albert Antoine Montserret, a former portfolio manager at BlueCrest Capital Management Limited (BlueCrest), GBP35,000 for deliberately mismarking his positions in an attempt to avoid ... |
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27th April 2009 Over 65s most likely to be targeted by share fraudsters, warns FSA People over 65 are more likely to be targeted by fraudsters and con artists warned the Financial Services Authority (FSA) today, as it unveiled plans to help protect older people from financial scams by working in partnership with Age Concern and Hel... |
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27th April 2009 FSA chairman expands on themes from Turner Review Lord Turner, chairman of the Financial Services Authority (FSA), said today that the potential macroeconomic costs of tighter regulation for banks had to be set against the benefits of lower risk to financial stability. In a speech at the Global Fin... |
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24th April 2009 New banking regulation promotes fairness for consumers The Financial Services Authority (FSA) will take over all retail banking conduct regulation for deposit taking and payment services in November 2009. Currently, the Banking Code Standards Board (BCSB) monitors and enforces voluntary Banking C... |
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24th April 2009 FSA implements changes to simplify Financial Services Compensation Scheme The Financial Services Authority (FSA) is to go ahead with proposed changes to the compensation limits for insurance, investment and home finance advice business in the event of a firm failing, designed to achieve greater simplicity and con... |
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16th April 2009 FSA bans and fines mortgage broker GBP100,000 for fraud The Financial Services Authority (FSA) has banned a South London mortgage broker and fined him GBP100,000 for his knowing involvement in the submission of false mortgage applications. Abiola Agbalaya was an FSA approved person and sole controller of... |
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14th April 2009 Real help for North West and North East through GBP12m Moneymadeclear service pathfinder HM Treasury and the Financial Services Authority (FSA) today launched Moneymadeclear, a service offering practical and impartial help and information on money matters for people in the North East and North West of England. The new service aims to he... |
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9th April 2009 FSA confirms Industry Guidance designed to help more efficient transfer of investment fund units The Financial Services Authority (FSA) has confirmed Industry Guidance which will facilitate paper-free electronic transfer of ownership of units held in an authorised investment fund (an authorised unit trust or an open-ended investment company). ... |
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8th April 2009 FSA bans directors of mortgage firm for failings on financial crime prevention The Financial Services Authority (FSA) has banned Dorset mortgage brokers Peter and James Dean for failing to prevent their firm from being used to perpetrate financial crime and for other serious regulatory failures. Peter Dean has also been fined G... |
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6th April 2009 FSA bans director for advice failings The Financial Services Authority (FSA) has banned Worcestershire financial adviser Norman Mark McCance for failings related to quality and suitability of advice and compliance at his firm, Penn Financial Services Unlimited (Penn). Penn's main b... |
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6th April 2009 FSA wins case to ban former chief executive of Gen Re business unit The Financial Services Authority (FSA) has won its case before the Financial Services and Markets Tribunal (the Tribunal) to ban Mr Milan Vukelic from working in the financial services industry in the UK. The Tribunal found that Mr Vukelic's ac... |
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2nd April 2009 FSA wins market abuse case against Winterflood The Financial Services Authority (FSA) has won its market abuse case at the Financial Services and Markets Tribunal (the Tribunal) against Winterflood and two of its traders, Mr Sotiriou and Mr Robins. Winterflood is an FSA authorised firm and the l... |
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31st March 2009 Two arrested in FSA insider dealing investigation The Financial Services Authority (FSA) today arrested two people, including a senior corporate finance adviser, in connection with an ongoing investigation into suspected organised insider dealing. Search warrants were also executed by the FSA ... |
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31st March 2009 FSA consults on extra deposit protection for temporary high balances The Financial Services Authority (FSA) today issued a consultation paper seeking views on whether the Financial Services Compensation Scheme (FSCS) should provide extra protection for holders of temporary high deposit balances in the event of the fai... |
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30th March 2009 FSA bans London mortgage broker for fraud The Financial Services Authority (FSA) has banned Walthamstow-based mortgage adviser Ashfaq Ahmed for submitting mortgage applications on his own behalf that were based on false and misleading information about his income. Jonathan Phelan, head of r... |
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27th March 2009 Solicitor and his father-in-law found guilty in FSA insider dealing case Mr Christopher McQuoid, a solicitor, and his father-in-law, Mr James William Melbourne were today found guilty of insider dealing. The case was heard at Southwark Crown Court and is the first insider dealing criminal prosecution brought by the Fina... |
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24th March 2009 FSA censures broker for advice failings on self-certified mortgages The Financial Services Authority (FSA) has publicly censured Doncaster mortgage broking firm Mortgages Remortgages Ltd ('the firm') for failing to ensure it provided suitable advice and exposing up to 80 of its customers to the risk of being so... |
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20th March 2009 FSA confirms Scarborough Building Society merger with the Skipton Building Society The Financial Services Authority (FSA) today announced that it has confirmed the proposed transfer of the engagements of the Scarborough Building Society to the Skipton Building Society. Written decision The document sets out the reasons for the ... |
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19th March 2009 FSA fines insurance claims handler for network control failings and for misleading clients The Financial Services Authority (FSA) has fined Blackburn insurance broker Aspray Limited GBP21,000 for failings in control of its appointed representatives (ARs), and for misleading its clients and the FSA. Aspray, which specialises in managing in... |
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18th March 2009 The FSA publishes "The Turner Review": a wide-ranging review of global banking regulation The Financial Services Authority (FSA) has today published the Turner Review of global banking regulation. Lord Turner, chairman of the FSA, was asked by the Chancellor of the Exchequer to review the events that led to the financial crisis and ... |
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18th March 2009 FSA publishes consultation paper on remuneration The Financial Services Authority (FSA) has today published a consultation paper (CP) which formally consults on whether to incorporate its Code of practice on remuneration into the Handbook and its application to large banks and broker dealers. The... |
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11th March 2009 Renbe Associates banned for submitting false and misleading information to the FSA The Financial Services Authority (FSA) has banned Anthony Abiona - trading as Renbe Associates - for failing to act with honesty and integrity by misleading the regulator and submitting false and misleading information to lenders. The regulator foun... |
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9th March 2009 FSA continues to strengthen enforcement team The Financial Services Authority (FSA) has today announced the appointment of David Kirk as Chief Criminal Counsel. David is currently the Director of the Fraud Prosecution Service (FPS), a specialist unit of the Crown Prosecution Service. As ... |
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3rd March 2009 New Contracts for Difference disclosure regime to take effect in June Following extensive consultation and to help improve transparency in current market conditions, the new disclosure regime for Contracts for Difference (CfDs) will now take effect from 1 June 2009. The new rules would have applied originally fro... |
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2nd March 2009 FSA bans Wakefield mortgage broker for fraud The Financial Services Authority (FSA) has banned Wakefield-based mortgage adviser Mohammed Ahmed for submitting mortgage applications on his and a customer's behalf that were supported by false payslips. Jonathan Phelan, head of retail enforce... |
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26th February 2009 FSA publishes code of practice on remuneration policies The Financial Services Authority (FSA) has today published a draft code of practice on remuneration policies relevant to all FSA regulated firms. The aim of the code is to ensure that firms have remuneration policies which are consistent with sound... |
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24th February 2009 FSA wants all firms to stop selling single premium PPI The Financial Services Authority (FSA) has written to all firms still selling single premium Payment Protection Insurance with unsecured personal loans (SP PPI USL) asking them to withdraw the product as soon as possible, and by no later than 29 May.... |
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23rd February 2009 FSA consults further on change to with-profits rules The Financial Services Authority (FSA) has today published a further consultation paper (CP) relating to compensation and redress payments arising from operational failures including mis-selling that life insurance companies may currently charge to t... |
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17th February 2009 FSA plans proportionate regime for regulating Reclaim Funds The Financial Services Authority (FSA) today set out how it aims to regulate the new reclaim funds - the institutions that will be responsible for dormant accounts transferred to them from banks and building societies. Under the Dormant Bank and Bui... |
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17th February 2009 FSA appoints Mark Norris as chief operating officer The Financial Services Authority (FSA) today announced the appointment of Mark Norris as its new chief operating officer (COO). As COO, Mark will have overall responsibility for all aspects of finance, planning, HR and project management, facilitie... |
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16th February 2009 FSA bans broker for mortgage fraud The Financial Services Authority (FSA) has today published a Final Notice banning mortgage broker Leo Kusi-Appiah, who was recently jailed after pleading guilty at St Albans Crown Court to obtaining property by deception in connection with mortgage f... |
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12th February 2009 FSA publishes its 2009/10 Business Plan The Financial Services Authority (FSA) today published its Business Plan for 2009/10. The plan sets out the FSA's programme of work for the year ahead to address the risks highlighted by the Financial Risk Outlook, published on 9 February. The... |
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9th February 2009 FSA secures over GBP1 million for victims of share scam The Financial Services Authority (FSA) has obtained a Court Order that Mr Aniz Kassamali Dhanji Manji will return GBP1m to investors and Mr Suresh Maganlal Bhowan will pay GBP17,233. These investors were victims of a share scam operated by overseas e... |
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9th February 2009 FSA publishes Financial Risk Outlook The Financial Services Authority (FSA) today published its Financial Risk Outlook (FRO) outlining the main risks facing firms, consumers and the regulatory system in the economic downturn, in particular the challenges created by banking sector and re... |
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6th February 2009 FSA regulation aims to address consumer problems in sale and rent back market The Financial Services Authority (FSA) today published a consultation paper setting out proposals for the regulation of sale and rent back (SRB) schemes designed to reduce consumer detriment in this growing area of the housing market. This consulta... |
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6th February 2009 FSA proposes enhanced transparency requirements on short selling for all stocks In a discussion paper (DP) issued today, the Financial Services Authority (FSA) has proposed a general short selling disclosure requirement for all UK listed stocks. The proposals follow a comprehensive review of short selling undertaken since ... |
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4th February 2009 FSA fines AIM company director for market abuse The Financial Services Authority (FSA) has fined Mr Darwin Lewis Clifton OBE GBP59,500 and has fined Byron Holdings Ltd (Byron) GBP86,030 for dealing in the shares of Desire Petroleum plc (Desire) on the basis of inside information. Desire is an AI... |
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30th January 2009 FSA fines broker for advice failings on self-certified mortgages The Financial Services Authority (FSA) has fined Nottingham mortgage broking firm Gillen Farrelly Independent Advisers Limited ("Gillen Farrelly") GBP17,500 for failing to ensure it provided suitable advice which exposed over 80 customers to the risk... |
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30th January 2009 Scarborough and Skipton Building Societies: merger confirmation hearing The Financial Services Authority (FSA) today announced the arrangements for the hearing of the proposed transfer of the engagements of Scarborough Building Society to Skipton Building Society. The confirmation hearing will be held at the Fina... |
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28th January 2009 Pacific Continental former chief executive and former finance director both banned and fined GBP80,000 and GBP95,000 The Financial Services Authority (FSA) has banned the former chief executive of stockbroking firm Pacific Continental Securities UK Limited (PCS), Mr Steven Griggs, and its former finance director, Mr Charles Weston, and also fined them GBP80,000 and... |
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26th January 2009 Legacy Financial Planning Ltd fined GBP28,000 for failing to adequately explain risk to investors The Financial Services Authority (FSA) has fined Legacy Financial Planning Limited GBP28,000 for failing to adequately advise investors about the risks associated with certain transactions. The firm also failed to make and retain records that... |
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26th January 2009 FSA bans Liverpool mortgage adviser The Financial Services Authority (FSA) has banned John David Cook from giving financial advice and stopped his Liverpool-based firm, Stone Financial Management Limited (SFML), from conducting any further business. John David Cook was the director a... |
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23rd January 2009 Entertainment Rights plc fined GBP245,000 for 78 days delay in disclosing inside information The Financial Services Authority (FSA) has today fined Entertainment Rights plc (Entertainment Rights) GBP245,000 for failing to disclose inside information to the market in a timely manner. Entertainment Rights controls and owns distribution and e... |
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22nd January 2009 FSA extends waiver to firms on complaints handling The Financial Services Authority (FSA) today extended its waiver from complaints handling rules regarding unauthorised overdraft charges, for up to six months. This is because the test case is ongoing, and it is not yet clear how the banks shou... |
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21st January 2009 FSA chairman sets out agenda for reforming financial regulation Lord Turner, chairman of the Financial Services Authority (FSA), today addressed the root causes of the current global financial crisis and set out the implications for regulation and the future shape of the financial system in a lecture in the City.... |
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20th January 2009 Wolfson fined GBP140,000 for delaying disclosure of inside information The Financial Services Authority (FSA) today fined Wolfson Microelectronics plc (Wolfson) GBP140,000 for failing to reveal price sensitive information to the market as soon as possible. The delay led to a false market in Wolfson shares for 16 days. ... |
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20th January 2009 Update on FSA work on the sale of PPI The Financial Services Authority (FSA) today welcomed the move by Alliance & Leicester, Barclays, The Co-Operative Bank, Lloyds Banking Group (including Lloyds TSB, Halifax, and Bank of Scotland), and RBS/Natwest to stop selling single premium Pa... |
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19th January 2009 FSA bans and fines broker GBP101,106 for mortgage fraud - also bans second broker The Financial Services Authority (FSA) has banned a mortgage broker and fined him GBP101,106 for submitting false mortgage applications. Richard Kennedy was an FSA approved person and a director of Dynamic Mortgage Brokers of East London. The six fi... |
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14th January 2009 Belgian private investor fined GBP176,254 for market abuse The Financial Services Authority (FSA) has today fined Mr Erik Boyen, a Belgium based private investor, GBP176,254 for dealing in the shares of Monterrico Metals Plc, an AIM-quoted company, on the basis of inside information. The financial penalty ... |
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14th January 2009 FSA confirms extension of short selling disclosure regime The Financial Services Authority (FSA) has today confirmed that it will extend its disclosure obligation for short selling of stocks in UK financial sector companies until 30 June 2009. The decision follows strong support for the proposals on wh... |
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13th January 2009 FSA and HM Treasury announce partners to help deliver Money Guidance The Financial Services Authority (FSA) and HM Treasury have today announced the first group of partners that will help to deliver Money Guidance. The Money Guidance pathfinder, based in the North West and the North East of England, will provide... |
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12th January 2009 FSA proposes to reduce rights issue subscription periods The Financial Services Authority (FSA) is proposing to reduce the minimum subscription period for companies undertaking a rights issue to either 14 calendar days or 10 business days. Reducing the minimum subscription period from 21 calendar day... |
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9th January 2009 FSA clarifies disclosure requirements for directors The Financial Services Authority (FSA) has today clarified its disclosure requirements for directors who grant security over their shareholdings. The clarification is contained in a statement published on its website. The Model Code (an Anne... |
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8th January 2009 FSA fines Aon Limited GBP5.25m for failings in its anti-bribery and corruption systems and controls The Financial Services Authority (FSA) has today fined Aon Limited (Aon Ltd) GBP5.25 million for failing to take reasonable care to establish and maintain effective systems and controls to counter the risks of bribery and corruption associated with m... |
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7th January 2009 Insider Dealing: Financial Services Authority prosecutes Mr Neil Rollins Mr Neil Rollins of Keighley, West Yorkshire, date of birth 11 March 1964, was today charged at City of Westminster Magistrates' Court with 4 counts of insider dealing contrary to section 52(1) of the Criminal Justice Act 1993, 1 count of insider deal... |
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7th January 2009 FSA consults on changes to financial compensation scheme The Financial Services Authority (FSA) is today publishing a consultation paper setting out proposals for speeding up the payout of compensation to make it possible for customers to get back their money within seven days if a bank fails. The critic... |
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5th January 2009 FSA proposes to extend short selling disclosure regime The Financial Services Authority (FSA) is today proposing to extend its temporary disclosure regime for significant net short positions in the stocks of UK financial sector companies until 30 June 2009. Continuing to require disclosure will red... |
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30th December 2008 FSA re-appoints Tim Herrington as Regulatory Decisions Committee chairman The Financial Services Authority (FSA) has re-appointed Tim Herrington as chairman of its Regulatory Decisions Committee (RDC). The RDC was established to meet the Financial Services and Markets Act 2000 (FSMA) requirement that investigation and rec... |
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24th December 2008 Financial Services Authority confirms Barnsley Building Society merger with the Yorkshire Building Society The Financial Services Authority today announced that it confirmed on 23 December the proposed transfer of the engagements of the Barnsley Building Society to the Yorkshire Building Society. Copies of the FSA's written decision are available ... |
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23rd December 2008 Two mortgage brokers banned for misleading the FSA The Financial Services Authority (FSA) has today banned two sole trader mortgage brokers - Andrew David Bowden, trading as Scott Jarrett Bowden and Partners (SJB), and Shaun Lawrence - for failing to comply with FSA rules. Among the failur... |
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19th December 2008 FSA consults on changes to the rules for approved persons The Financial Services Authority (FSA) has today published a consultation paper (CP) that clarifies the FSA's expectations of those within firms that perform a 'significant influence' function. The CP proposes amendments to the FSA handbook to ... |
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19th December 2008 FSA to explore more widely the issue of consumer responsibility The Financial Services Authority (FSA) has today launched a discussion paper on consumer responsibility to explore what steps the regulator or others could take to help consumers understand and protect their own best interests more effectively. The ... |
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19th December 2008 FSA fines two individuals for market abuse The Financial Services Authority (FSA) has fined Mr Stewart McKegg and Mr Brian Valentine Taylor for market abuse. Mr McKegg was fined GBP14,411.25 and Mr Taylor was fined GBP4,642.50. In both cases this was the disgorgement of profits ma... |
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16th December 2008 FSA confirms Catholic Building Society merger with the Chelsea Building Society The Financial Services Authority (FSA) today announced that it confirmed the proposed transfer of the engagements of the Catholic Building Society to the Chelsea Building Society on 15 December. FSA's written decision [PDF] The document sets out t... |
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11th December 2008 FSA response to Practitioner Panel survey The Financial Services Authority (FSA) today responded to the latest survey of regulated firms by the independent Financial Services Practitioner Panel. The survey showed that firms are more satisfied where they have had recent contact - or en... |
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11th December 2008 Oxfordshire businessman fined GBP35,000 for lying about FSA authorisation An Oxfordshire businessman, Mr Mayson Shanti of Marcham, Abingdon has been fined GBP35,000 by Didcot Magistrate's Court for falsely claiming that his company, Chase Capital Finance Limited (Chase Capital), was authorised by the Financial Services Aut... |
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10th December 2008 Egg fined GBP721,000 and will compensate PPI customers The Financial Services Authority (FSA) has fined Egg Banking plc GBP721,000 for serious failings in its sales of credit card payment protection insurance (PPI). The FSA found failings in approximately 40 per cent of telephone sales of credit card P... |
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8th December 2008 Shareholders: Your personal details might be on a fraudsters' database The Financial Services Authority (FSA) has warned about 11,000 UK shareholders that their personal details are on a database shared by fraudsters, which can be used to target people and illegally sell them shares. Share fraudsters (also known as bo... |
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5th December 2008 FSA confirms Cheshire Building Society merger with the Nationwide Building Society The Financial Services Authority (FSA) today announced that it confirmed the proposed transfer of the engagements of the Cheshire Building Society to the Nationwide Building Society on 4 December. Copies of the FSA's written decision are available ... |
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5th December 2008 Barnsley and Yorkshire Building Societies: merger confirmation hearing The Financial Services Authority (FSA) today announced the arrangements for the hearing of the proposed transfer of the engagements of Barnsley Building Society to Yorkshire Building Society. The confirmation hearing will be held at the Barns... |
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5th December 2008 FSA takes action to address pension transfer advice failings The Financial Services Authority (FSA) is taking action to improve the quality of advice given to customers to switch into a personal pension or self-invested personal pension (SIPP), following a review which found variable standards across a sample ... |
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4th December 2008 FSA consults on liquidity rules for banks, building societies and investment firms The Financial Services Authority (FSA) has today published a consultation paper (CP) which proposes a far-reaching overhaul of the liquidity requirements for banks, building societies and investment firms. The proposed rules are based on recently ag... |
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1st December 2008 Clearer segments will help improve listing regime The Financial Services Authority (FSA) has today published a feedback statement following its review of the structure of the Listing Regime. The proposed changes will provide further clarity to the Listing Regime and help maintain the integrity... |
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28th November 2008 FSA asks mortgage firms to review arrears and repossessions practice The Financial Services Authority (FSA) has written to the chief executives of all mortgage lenders and mortgage administrators giving them until January 31 to ensure that their customers facing arrears are being treated fairly. The letter is the sec... |
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27th November 2008 FSA move allows separate deposit protection limits The Financial Services Authority (FSA) is introducing a rule change today which will enable a building society which merges with another society to keep its separate compensation limit. This follows recent concern that building society customers wit... |
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27th November 2008 FSA publishes proposed changes to Personal Investment Firms' prudential requirements The Financial Services Authority (FSA) has today published a consultation paper (CP) setting out proposed improvements to prudential requirements for Personal investment firms (PIFs) designed to help reduce the impact of market failures in the sector... |
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25th November 2008 FSA's Retail Distribution Review proposals seek to establish a new level of consumer trust and confidence The Financial Services Authority (FSA) has published its Retail Distribution Review (RDR) feedback statement outlining proposals to give more consumers confidence and trust in the retail investment market, at a time when consumers need real help and ... |
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21st November 2008 FSA confirms Derbyshire Building Society merger with the Nationwide Building Society The Financial Services Authority (FSA) today announced that it has confirmed the proposed transfer of the engagements of the Derbyshire Building Society to the Nationwide Building Society. Copies of the FSA's written decision are available on the F... |
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19th November 2008 FSA welcomes Financial Services Skills Council's work to raise standards The Financial Services Authority (FSA) today welcomed the work done by the Financial Services Skills Council (FSSC) on setting and raising standards, following the publication today of the FSSC guidance on good practice for training and competence (T... |
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19th November 2008 Insurance Directors banned for failing to ensure firm complied with client money rules The Financial Services Authority (FSA) has banned two directors of an insurance broker for failing to ensure that their firm complied with FSA client money rules. Roger Muse and his son Daniel Muse are prohibited for three years from performing any ... |
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18th November 2008 FSA bans director Peter King and his firm New Forest Mortgage Company Ltd The Financial Services Authority (FSA) has banned Peter King and his firm New Forest Mortgage Company Ltd for knowingly submitting applications for fraudulent life assurance policies. The FSA found that, since June 2007, King submitted applications ... |
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13th November 2008 Former UK ambassador and Belgian businessman fined for market abuse The Financial Services Authority (FSA) has fined Mr Richard Ralph, the former British ambassador to Peru and the former executive chairman of AIM-listed mining company, Monterrico Metals Plc (Monterrico), GBP117,691.41 and his friend Mr Filip Boyen G... |
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12th November 2008 FSA statement on the Treating Customers Fairly initiative The Financial Services Authority (FSA) has today announced that it will accelerate the full integration of Treating Customers Fairly (TCF) into core supervisory work. TCF remains central to the FSA's retail strategy, and firms are expected to meet ... |
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12th November 2008 FSA concludes its review of insurance comparison websites A further Financial Services Authority (FSA) review of insurance comparison websites has found that many sites have made significant improvements and are consistently providing clear, fair and not misleading information, but some firms need to go fur... |
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12th November 2008 Cheshire and Nationwide Building Societies: merger confirmation hearing The Financial Services Authority (FSA) today announced the arrangements for the hearing of the proposed transfer of the engagements of Cheshire Building Society to Nationwide Building Society. The confirmation hearing will be held at Town Hal... |
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11th November 2008 FSA fines AWD Chase de Vere Wealth Management Ltd GBP1.12 million for mis-selling The Financial Services Authority (FSA) has fined AWD Chase de Vere Wealth Management Ltd GBP1.12 million for serious failings in its pension transfer, pension annuity and income withdrawal business that resulted in mis-selling. The FSA found that t... |
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10th November 2008 FSA calls for greater international cooperation to tackle boiler room fraud The Financial Services Authority (FSA) has called on regulators and law enforcement agencies from around the world, including the US Securities and Exchange Commission and the Spanish and German regulators, to help tackle a fraud that reaps about GBP... |
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5th November 2008 FSA bans mortgage brokers for advice failings The Financial Services Authority (FSA) has banned and publicly censured Tyne & Wear mortgage brokers Edward Allen and Ronald Allen for failings which exposed the customers of their firm to the risk of receiving an unsuitable mortgage. Thi... |
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4th November 2008 FSA consults on regulating retail banking conduct of business The Financial Services Authority (FSA) has today published a consultation paper proposing a new framework to regulate the way that banks treat their customers. Currently, the Banking Code Standards Board monitors and enforces the voluntary Banking C... |
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29th October 2008 FSA fines firm and MLRO for money laundering controls failings The Financial Services Authority (FSA) has today fined Sindicatum Holdings Limited (SHL) GBP49,000 and its money laundering reporting officer (MLRO), Michael Wheelhouse, GBP17,500 for not having adequate anti-money laundering systems and controls in ... |
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23rd October 2008 FSA publishes contracts for difference feedback statement The Financial Services Authority (FSA) today publishes its feedback statement on disclosure for contracts for difference (CfDs). After receiving extensive feedback from a broad spectrum of interested parties on its November 2007 CfDs Consultation P... |
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23rd October 2008 FSA bans Lancashire broker for failing to insure consumers The Financial Services Authority (FSA) has banned Lancashire broker Neil McKay after finding that he cancelled contracts of insurance without customers' knowledge or approval and failed to pass premium payments taken from customers on to other interm... |
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22nd October 2008 Public Statement on the 30 day review of FSA's short selling measures When the Financial Services Authority (FSA) introduced its additional short selling measures in the Code of Market Conduct on 18 September 2008 the FSA committed both to reviewing them after 30 days and also to publishing the results of a comprehensi... |
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20th October 2008 Half-a-million expectant parents across the UK to receive free financial guide from the FSA this year As Parents' Week gets under way, the Financial Services Authority (FSA) has begun the UK-wide distribution of the Parent's Guide to Money, its practical and impartial resource for expectant parents designed to answer questions about their changing fi... |
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16th October 2008 Two directors of mortgage firm are fined GBP60,000 The Financial Services Authority (FSA) has fined two directors from Abbey Mortgages Limited, based in Bexleyheath and Stokesley, GBP30,000 each for shortcomings in their mortgage business which put financially vulnerable customers at risk and the fir... |
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16th October 2008 FSA fines mortgage broker for advice failings The Financial Services Authority (FSA) has fined Doncaster mortgage broker Orchid Financial Limited GBP34,500 for failing to ensure it provided suitable advice which exposed over 900 customers to the risk of being sold an unsuitable mortgage. ... |
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16th October 2008 FSA and HMT launch Moneymadeclear campaign to help people stay in control of their money The Financial Services Authority (FSA) and HM Treasury (HMT) have this week launched a campaign for consumers who may be struggling in the current climate to help them keep a better grip on their money and finances. The GBP2 million Government-funde... |
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9th October 2008 FSA fines two firms for advice failings in sales of geared traded endowment policies FSA fines two firms for advice failings in sales of geared traded endowment policies The Financial Services Authority (FSA) has today fined Knowlden Titlow Financial Services Ltd GBP35,000 and Derrick Hales Financial Planning Ltd GBP10,500 for failu... |
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8th October 2008 Derbyshire and Nationwide Building Societies: merger confirmation hearing The Financial Services Authority (FSA) today announced the arrangements for the hearing of the proposed transfer of the engagements of Derbyshire Building Society to Nationwide Building Society. The confirmation hearing will be held at The Br... |
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7th October 2008 Alliance & Leicester to pay GBP7 million fine for PPI failings The Financial Services Authority (FSA) has fined Alliance & Leicester Plc (A&L) GBP7 million for serious failings in its telephone sales of payment protection insurance (PPI). For three years from January 2005 to December 2007 A&L sold a... |
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3rd October 2008 Compensation scheme to cover savers' claims up to GBP50,000 The Financial Services Authority (FSA) has today increased the compensation limit for bank deposits from GBP35,000 up to a total of GBP50,000 for each customer's claim. This increase applies from Tuesday 7 October 2008. Customers with joint accounts... |
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2nd October 2008 FSA fines York based investment firm GBP28,000 for advice failings The Financial Services Authority (FSA) has fined TBO Investments Limited (TBO) GBP28,000 for failing to clearly document the explanation of the risks of transactions to clients. It also failed to make and retain records that demonstrate the suitabili... |
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30th September 2008 FSA bans and fines mortgage broker for serious regulatory failures The Financial Services Authority (FSA) has banned North Wales mortgage broker Stephen Jones and fined him GBP100,000 after finding he had exposed about 1500 customers to the risk of receiving unsuitable advice. The FSA has also fined junior partner ... |
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30th September 2008 FSA censures two directors for poor compliance and sales practices Mr Michael Worthington and Mr Darren Millington have today been censured by the Financial Services Authority (FSA) for failing to make sure that their business, Lifestyle Finance Limited (Lifestyle), had the appropriate compliance and sales procedure... |
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30th September 2008 FSA update on its review of the sale of PPI In an update on its thematic review of sale of Payment Protection Insurance (PPI) the Financial Services Authority (FSA) has set out that, due to the poor findings from its recent work, it is escalating its regulatory intervention. The FSA will con... |
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29th September 2008 FSA expects firms to ensure suitable advice on transfers into SIPPs The Financial Services Authority (FSA) has today set out its expectation that firms give suitable advice to help customers make informed decisions about transferring built-up National Insurance rebates into Self-Invested Personal Pensions (SIPPs). F... |
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25th September 2008 Lender fined GBP1.12 million for exposing borrowers to financial loss The Financial Services Authority (FSA) has fined GE Money Home Lending (the firm) GBP1.12 million for systems and controls failings that resulted in 684 borrowers with a regulated mortgage contract suffering financial loss in excess of GBP2.3 million... |
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23rd September 2008 Universities call in the FSA Money Doctors as research shows a third of students are constantly overdrawn As the new university term begins, the Financial Services Authority (FSA) has set its sights on introducing its Money Doctors financial education programme to 50 more universities this year as research shows that young people are least able to manage... |
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23rd September 2008 FSA announces the appointment of two senior advisors The Financial Services Authority (FSA) today announced the appointment of two new senior advisors. Graeme Hardie and Ian Marshall will advise across the FSA, with reference to their specialist areas; retail markets and wholesale insurance respe... |
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19th September 2008 Insider Dealing: Two charged at City of Westminster Magistrates Court Neel Akash Uberoi of Kenley, Surrey, date of birth 22 August 1947 and Matthew Francis Uberoi of Kenley, Surrey, date of birth 12 December 1984 were today charged at City of Westminster Magistrates Court with 17 counts of insider dealing, contrary to ... |
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18th September 2008 FSA statement on short positions in financial stocks The Board of the Financial Services Authority (FSA) today (Thursday 18 September) agreed to introduce new provisions to the Code of Market Conduct to prohibit the active creation or increase of net short positions in publicly quoted financial compani... |
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18th September 2008 Callum McCarthy: Comments on short positions in financial stocks Extract from the speech by Callum McCarthy, Chairman of the Financial Services Authority to the Lord Mayor's City Banquet at the Mansion House this evening. "We have been much concerned - as have many - at the volatility and what I would descr... |
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18th September 2008 FSA Chairman addresses Lord Mayor's City Banquet Callum McCarthy, Chairman of the Financial Services Authority, addressed a number of financial services regulatory issues in a speech to the Lord Mayor's City Banquet this evening. The full text of the speech is below: Mansion House speech... |
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8th September 2008 FSA censure for Coventry mortgage broker The Financial Services Authority (FSA) has censured Coventry-based mortgage broker, Mr Mohammed Habib, who traded as MAH Mortgage and Finance, for failing to ensure that his customers received suitable advice. Mr Habib must also pay for an independe... |
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8th September 2008 Hedge Fund manager sanctioned by FSA for Market abuse In a settlement reached with the Financial Services Authority (FSA), Steven Harrison, a former hedge fund manager, agreed not to act as a fund manager or trader for 12 months and to pay a GBP52,500 fine. This is the first such case the FSA has broug... |
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4th September 2008 FSA fines mortgage firm GBP63,000 for serious regulatory failures The Financial Services Authority (FSA) has fined Derbyshire mortgage broker Approved Financial Solutions Ltd (AFS) GBP63,000 after finding the firm failed to ensure it gave suitable advice, and did not communicate accurate information about mortgage ... |
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2nd September 2008 The FSA bans three directors for misusing client money The Financial Services Authority (FSA) has banned three directors of a London-based insurance business, BPS Insure Limited, for failing to inform the FSA that BPS had a deficit of approximately GBP3 million in its client account and had misused clien... |
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28th August 2008 FSA consults on Payment Services Directive Handbook changes The Financial Services Authority (FSA) has today issued a consultation paper proposing Handbook changes that are required to implement aspects of the Payment Services Directive (PSD). The PSD requires countries in the European Economic Area (EEA) t... |
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21st August 2008 FSA fines five motor dealers for PPI failings The Financial Services Authority (FSA) has today imposed fines totalling more than GBP175,000 on five motor retailers for serious breaches relating to the sale of Payment Protection Insurance (PPI), which exposed a total of 2,175 customers to the ris... |
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20th August 2008 FSA bans financial adviser for pension transfers failings The Financial Services Authority (FSA) has banned Barnsley-based sole trader Darrell Mark Eaden from being a senior manager for failing to monitor effectively his pension transfer specialist. This exposed customers to the risk of receiving unsuitable... |
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19th August 2008 FSA issues alert about investor scam The Financial Services Authority (FSA) has issued an alert today that at least ten 'recovery firms' are targeting a scam at investors who bought shares through Pacific Continental Securities (UK) Ltd (Pacific Continental). Many investors who origina... |
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13th August 2008 FSA fines Credit Suisse GBP5.6m for systems and controls failings The Financial Services Authority (FSA) has today fined the UK operations of Credit Suisse (the subsidiaries) GBP5.6 million for breaching FSA Principles 2 and 3 by failing to conduct their business with due skill, care and diligence and failing to or... |
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13th August 2008 FSA puts a stop to illegal UK based share scheme The Financial Services Authority (FSA) has been granted a permanent injunction preventing Treadstone Corporation Limited (Treadstone) from illegally promoting and selling shares to UK investors. Thedfred Lemont Shepherd, the sole director and o... |
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12th August 2008 FSA bans Doncaster mortgage broker for involvement in fraud The Financial Services Authority (FSA) has banned Doncaster mortgage broker Ian James for applying for a personal loan supported by a falsified payslip and for making a false claim to the bank overstating his income. His wife, Nicola James, has also ... |
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11th August 2008 FSA bans and fines mortgage broker GBP100,000 for mortgage fraud The Financial Services Authority (FSA) has banned a mortgage broker and fined him GBP100,000 for submitting false mortgage applications. Omotayo Fawole was an FSA approved person and sole controller of Oasis Mortgage and Financial Services Limited ... |
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8th August 2008 Investors to get money back from celebrity-endorsed betting syndicate Investors in 147 Racing Limited (147) and Top Bet Placement Services (TBPS), an unauthorised betting syndicate, will share GBP58,745.27 after the York Crown Court issued an order for monies to be recovered from Gary Woodward, a former director of 147... |
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7th August 2008 FSA announces change to RDR timetable The Financial Services Authority (FSA) today announced a change to the timetable for publishing feedback on the Retail Distribution Review (RDR) Discussion Paper. The full feedback statement will now be published in November. The RDR was set up to ... |
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5th August 2008 FSA reiterates call for firms to treat customers fairly in current market conditions The Financial Services Authority (FSA) has reiterated today its call for mortgage lenders to ensure they are treating customers fairly in the current market conditions as its latest review finds weaknesses in the way some lenders are handling arrears... |
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1st August 2008 FSA concludes HBOS rumours investigation On 19 March 2008, the Financial Services Authority (FSA) confirmed that it would be conducting an investigation into trading in HBOS following a sharp fall in its share price. The following statement outlines the background to the FSA investiga... |
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31st July 2008 FSA calls for the fair treatment of annuity customers A Financial Services Authority (FSA) review of the quality of annuity provider literature and alleged delays in the transfer of annuity funds found some good practice, but also that many firms must make improvements to ensure that pension customers a... |
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30th July 2008 Liverpool Victoria Banking Services to pay GBP840,000 fine plus compensation to PPI customers following FSA investigation The Financial Services Authority (FSA) has fined Liverpool Victoria Banking Services Limited (LVBS) GBP840,000 for serious failings in the sale of single premium Payment Protection Insurance (PPI). The penalty was imposed for failings in relation to ... |
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30th July 2008 FSA provides preliminary view of Aviva's proposed reattribution offer Following agreement between Aviva and the Policyholder Advocate, Clare Spottiswoode, the Financial Services Authority (FSA) has today given a preliminary assessment that Aviva's GBP1bn offer for the company's inherited estate is fair. The assessment ... |
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29th July 2008 Arrests made in major FSA insider dealing investigation The Financial Services Authority (FSA) today arrested eight individuals and executed search warrants across London and the South East in connection with a major ongoing investigation into insider dealing rings. This morning's operation involved 40 F... |
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28th July 2008 FSA fines Hastings GBP735,000 for not treating customers fairly The Financial Services Authority (FSA) has fined Hastings Insurance Services Ltd (Hastings) GBP735,000 for failing to treat its customers fairly in relation to cancelling around 4,550 incorrectly priced car insurance policies. During two separate pe... |
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28th July 2008 FSA appoints Jon Pain as Managing Director, Retail Markets The Financial Services Authority (FSA) today announced the appointment of Jon Pain as its new managing director of Retail Markets. He will also join the FSA Board, as will be announced by HM Treasury today. As Retail Markets managing director,... |
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25th July 2008 FSA to simplify guidance on investment disclosure The Financial Services Authority (FSA) has today confirmed it will further simplify how investment advisers can ensure they provide consumers with clear and simple information about costs and services. In February, the FSA proposed introducing a si... |
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24th July 2008 Insider dealing: Financial Services Authority prosecutes Mr Malcolm Calvert Mr Malcolm Calvert of Cobham, Surrey, date of birth 13 October 1944, today appeared at the City of Westminster Magistrates' Court, on charges of insider dealing contrary to section 52 of the Criminal Justice Act 1993. Mr Calvert has been char... |
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23rd July 2008 FSA fines PMSG Insurance Services Ltd GBP35,000 and withdraws approval for its compliance officer for mortgage advice breaches FSA/PN/076/200823 July 2008 The Financial Services Authority (FSA) has fined PMSG Insurance Services Ltd GBP35,000 for failing to ensure advice given to customers was suitable and for not organising its business responsibly and to properly manage ri... |
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23rd July 2008 FSA welcomes Government proposals on credit unions and announces plans to toughen regulatory policy The Financial Services Authority (FSA) today responded to legislative proposals by the Government designed to remove restrictions on the way credit unions in Great Britain will be able to operate in future. Paul Sharma, Director Wholesale and Prudent... |
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21st July 2008 FSA grants new waiver to firms on complaints handling The Financial Services Authority (FSA) today issued a new waiver from its complaints handling rules regarding unauthorised overdraft charges. The waiver replaces an existing one, which expires on 26 July 2008, and has been offered to those fi... |
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21st July 2008 FSA imposes public censure on Mandrake Associates and prohibits director for failings in mortgage endowment complaints handling The Financial Services Authority (FSA) has imposed a public censure on Mandrake Associates Limited (MAL) for serious failings in the way it handled mortgage endowment complaints. As a result, there was an enhanced risk that endowment mis-sellin... |
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21st July 2008 Financial Services Authority to consult on changes to the Disclosure and Transparency Rules The Financial Services Authority (FSA) will consult on a proposal that financial institutions in receipt of liquidity support from a central bank will have a legitimate interest for delaying the public disclosure of such support. Today's proposal is... |
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18th July 2008 FSA calls Money Guidance 'summit' The Financial Services Authority (FSA) is bringing together key people from Government, the financial services industry and voluntary organisations to take forward a large-scale pathfinder for Money Guidance, a service offering free, impartial inform... |
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16th July 2008 FSA bans mortgage partners for serious regulatory failures The Financial Services Authority (FSA) has banned two Wakefield mortgage brokers for failing to meet the standards expected of approved persons in terms of competence and capability. They failed to ensure adequate measures were in place to preve... |
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15th July 2008 FSA fines a mortgage firm GBP11,900 and bans adviser in relation to false mortgage applications The Financial Services Authority (FSA) has fined a Kilmarnock mortgage firm GBP11,900 for failing to adequately supervise an adviser, resulting in applications containing false and misleading information being submitted to lenders. The adviser, Ian ... |
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10th July 2008 Former broker banned and fined GBP16,000 for dishonesty and using high pressure sales tactics The Financial Services Authority (FSA) has banned Mr Baljit Somal (Mr Somal), a former broker at Square Mile Securities Limited, and fined him GBP16,000 for selling high risk shares to customers without their consent and using unacceptable sales tact... |
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9th July 2008 FSA bans and fines mortgage broker for serious regulatory failures The Financial Services Authority (FSA) has banned and fined North East based mortgage broker Robin Knox after finding he had exposed about 500 of his firm's customers to the risk of receiving unsuitable advice. Mr Knox, Managing Director of Mortgage... |
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8th July 2008 Companies urged to help protect shareholders from 'boiler room' scams FSA/PN/067/2008 08 July 2008 The Financial Services Authority (FSA) and the Institute of Chartered Secretaries and Administrators (ICSA) Registrars Group are urging UK listed companies to help protect their shareholders from boiler rooms by sendi... |
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7th July 2008 FSA bans and fines mortgage broker GBP129,000 for involvement in mortgage fraud The Financial Services Authority (FSA) has banned a mortgage broker and fined her GBP129,000 after finding she had been involved in numerous fraudulent mortgage applications. This is the first time the FSA has both banned and fined a mortgage br... |
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7th July 2008 New help for people managing money worries Action to give people more support to tackle their money concerns is being announced today by Yvette Cooper MP, Chief Secretary to the Treasury and Hector Sants CEO of Financial Services Authority (FSA). The Financial Capability Action Plan s... |
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2nd July 2008 Contracts for Difference Policy Update The Financial Services Authority (FSA) today publishes an update on disclosure for contracts for difference (CfDs). After receiving extensive feedback from a broad spectrum of interested parties on its November 2007 CfDs Consultation Paper, the FSA ... |
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1st July 2008 FSA fines IT professional GBP85,000 for market abuse The Financial Services Authority (FSA) has fined John Shevlin GBP85,000 for market abuse. John Shevlin was employed as an IT technician at the Body Shop International plc ("The Body Shop"). On 10 January 2006 he established a short posit... |
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30th June 2008 Firms urged to intensify efforts to meet December deadline to consistently treat customers fairly The Financial Services Authority (FSA) has today published its latest update on firms' progress towards the December deadline for demonstrating that they are consistently treating their customers fairly. The March interim deadline requi... |
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30th June 2008 FSA publishes Annual Report for 2007/08 The Financial Services Authority (FSA) today published its Annual Report for the year 2007/08. The report details how the FSA has delivered outcomes for both firms and consumers throughout the year under the three headings which cover all of the FSA... |
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26th June 2008 FSA bankrupts 'boiler room' accomplice The Financial Services Authority (FSA) has obtained a bankruptcy order against Mr Samuel Nathan Kahn ("Mr Kahn") who controlled the affairs of Chesteroak Limited ("Chesteroak") and Bingen Investments Limited ("Bingen"), two UK based companies that he... |
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23rd June 2008 FSA launches payment protection insurance comparison tables The Financial Services Authority (FSA) has launched free, impartial comparison tables for payment protection insurance (PPI) on its consumer website: http://www.fsa.gov.uk/tables The new tables are designed to help consumers who are thinking abou... |
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17th June 2008 Stockbroking firm fined GBP77,000 for weak data security controls FSA/PN/058/200817 June 2008 The Financial Services Authority (FSA) has fined Merchant Securities Group Limited (Merchant Securities) for not adequately protecting its customers from the risk of identity fraud. This is the first time the FSA ha... |
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13th June 2008 Financial Services Authority introduces disclosure regime for significant short positions in companies undertaking rights issues In current market conditions, there is increased potential for market abuse through short selling during rights issues. As a result, there has been severe volatility in the shares of companies conducting rights issues. This is potentially... |
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12th June 2008 Woolworths fined GBP350,000 for Disclosure Rule and Listing Principle breaches The Financial Services Authority (FSA) has fined Woolworths Group plc (Woolworths) GBP350,000 for failing to disclose information to the market in a timely manner. On 20 December 2005, Woolworths became aware of a variation to the terms of a major s... |
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10th June 2008 FSA fines Chepstow mortgage broker for failures relating to self certification mortgages The Financial Services Authority (FSA) has fined Andrew Jeffreys (trading as Chepstow Financial Services) GBP10,500 for failures in the sales process he used for self certification mortgages. Mr Jeffreys relied too heavily on customers' declarations... |
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5th June 2008 Update on the thematic review of controls over inside information The Financial Services Authority (FSA) today publishes Market Watch 27, an update of the thematic review of controls over inside information, following the publication of Market Watch 21 in July last year. The update includes a set of Principles of ... |
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4th June 2008 Three senior advisors from industry join FSA The Financial Services Authority (FSA) today announced the appointment of three new senior advisors with substantial market experience. Jeremy Bennett, David Smith and Simon Stockwell will join the wholesale and institutional business unit with... |
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4th June 2008 FSA seeks to close down UK's largest illegal 'landbanking' scheme The Financial Services Authority (FSA) has asked the High Court to wind up the UK's largest 'landbanking' company, UKLI Limited (UKLI), for operating as an illegal 'collective investment scheme' (CIS) and denying its investors protection for their mo... |
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3rd June 2008 FSA launches 'can do' money website inspired by young adults for young adults The Financial Services Authority (FSA) has today launched a new website designed to be a one-stop-money-information-shop for young adults and forms part of the watchdog's National Strategy for Financial Capability. With FSA research showing that mor... |
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3rd June 2008 FSA consults on change to with-profits rules FSA/PN/051/20083 June 2008 The Financial Services Authority (FSA) has today published a consultation paper (CP) which proposes that insurance companies will no longer be permitted to charge compensation for mis-selling to the inherited estates... |
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2nd June 2008 FSA publishes final regulatory fees and levies for 2008/09 The Financial Services Authority (FSA) has published the final FSA fee rates and Financial Ombudsman Services (FOS) levies for 2008/09. The FSA has finalised fee rates for 2008/09 that, for most firms, are the same level as those consulted on in Feb... |
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30th May 2008 Financial Services Compensation Scheme Board appointments The Financial Services Authority (FSA) has reappointed three non-executive directors to the Board of the Financial Services Compensation Scheme (FSCS) with effect from 1 June 2008. They were appointed to the FSCS Board on 1 June 2005. They are... |
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29th May 2008 New FSA travel insurance regulation will protect consumers The Financial Services Authority (FSA) today published a Policy Statement setting out the final rules for regulating travel insurance sold alongside a holiday - known as Connected Travel Insurance (CTI). This is mainly sold by travel firms and ... |
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27th May 2008 FSA launches debate on increasing transparency in regulation FSA/PN/046/200827 May 2008 The Financial Services Authority (FSA) has today published a discussion paper which explores the creation of a framework for determining what further information the regulator might publish about firms and industry sectors... |
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27th May 2008 FSA publishes industry feedback on liquidity requirements FSA/PN/046/200827 May 2008 The Financial Services Authority (FSA) has today published feedback to its Discussion Paper (DP) on liquidity requirements for banks and building societies. The DP looked at ways that liquidity policy should develop a... |
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23rd May 2008 New Financial Services Consumer Panel Chairman appointed The Financial Services Authority (FSA) today announced that Lord Lipsey is taking over as Chairman of the Financial Services Consumer Panel. David Lipsey is an active member of the House of Lords, who has a background in journalism, financial s... |
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22nd May 2008 Mortgage broker censured for financial promotions and sales-related failings The Financial Services Authority (FSA) has today publicly censured Mortgageland Limited (Mortgageland) for poor financial promotions, inadequate sales processes and record-keeping failings. The FSA visited London-based Mortgageland and found that th... |
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22nd May 2008 FSA fines three mortgage brokers for poor mortgage sales procedures The Financial Services Authority (FSA) has fined three mortgage brokers for inadequate sales procedures which meant they could not demonstrate that they had recommended affordable mortgage contracts that met their clients' needs. The FSA has fined ... |
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21st May 2008 FSA fines insurance firm GBP640,000 for call centre failings The Financial Services Authority (FSA) has fined UNAT DIRECT Insurance Management Limited (UNAT) GBP640,000 for failings relating to a lack of effective control and oversight over its appointment of call centres. UNAT - an indirect, wholly-owned sub... |
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15th May 2008 FSA fines Thinc Group GBP900,000 for sub-prime record keeping failings The Financial Services Authority (FSA) has fined Thinc Group Limited and two of its group companies (the firm) GBP900,000 for not having adequate risk management and compliance systems for its sub prime mortgage business and for failing to take reaso... |
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12th May 2008 FSA fines Land of Leather and its Chief Executive for PPI failings The Financial Services Authority (FSA) has fined furniture retailer Land of Leather Limited (the firm) GBP210,000 for allowing its sales force to sell Payment Protection Insurance (PPI) on loans without effective monitoring or training in place to en... |
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8th May 2008 FSA calls for all insurance comparison websites to provide consumers with clear, fair and not misleading information A Financial Services Authority (FSA) assessment of the insurance comparison website market has found evidence of both good and bad practice, but the regulator is looking for all websites to ensure that users are treated fairly. In a review of... |
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7th May 2008 Hector Sants speaks at the Building Societies Association Annual Conference Financial Services Authority (FSA) Chief Executive Hector Sants acknowledged the important role of mutual building societies in the financial system in a speech to the Building Societies Association Annual Conference in Manchester this morning. "Mut... |
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29th April 2008 FSA publishes Market Watch 26 The Financial Services Authority (FSA) today published Market Watch 26, which focuses on market conduct and transaction monitoring issues. Market Watch 26 is a general review of the FSA's strategy to tackle market abuse, in particular insider dealin... |
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29th April 2008 FSA publishes an RDR Interim Report and feedback on the review of personal investment firms' prudential requirements FSA/PN/035/200829 April 2008 The Financial Services Authority (FSA) published an interim report today setting out the current thinking on the Retail Distribution Review (RDR) following a six-month consultation with the market. Feedback to the... |
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24th April 2008 Do more to protect customers' personal details, warns FSA The Financial Services Authority (FSA) is urging firms to change their attitude to data security and do more to help prevent their customers falling victim to identity fraud and other types of financial crime. The warning follows an FSA review of s... |
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23rd April 2008 Naguib Kheraj to advise FSA FSA/PN/033/200823 April 2008 The Financial Services Authority (FSA) today announced the appointment of Naguib Kheraj as Senior Advisor to the Supervisory Enhancement Programme, reporting directly to Hector Sants, Chief Executive of the FSA. K... |
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9th April 2008 Third party administrator fined GBP525,000 for customer document failings The Financial Services Authority (FSA) has fined third party administration firm Liberata Financial Services Limited (Liberata) GBP 525,000 for failures in its systems and controls for producing and issuing documents to life and pensions policyholder... |
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2nd April 2008 FSA fines stockbroker GBP122,500 for poor sales practices The Financial Services Authority (FSA) has fined Mansion House Securities Limited (Mansion House) GBP122,500 for giving customers unsuitable and inaccurate advice when selling higher risk shares. The FSA reviewed 30 recommendations relating to highe... |
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31st March 2008 FSA confirms principles-based approach to platforms The Financial Services Authority (FSA) has today published feedback to its Discussion Paper on platforms, published in June 2007, which confirms its commitment to the current, principles-based approach to platforms. In the Discussion Paper, the FSA... |
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31st March 2008 Mortgage review findings will help shape future of FSA regime The Financial Services Authority (FSA) today published the findings of the second stage of its Mortgage Effectiveness Review, which focused on consumer experiences in the sub-prime and lifetime mortgage sectors of the market. Dan Waters, Director o... |
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26th March 2008 FSA moves to enhance supervision in wake of Northern Rock The Financial Services Authority (FSA) today published a summary of a review carried out by its internal audit division into its supervision of Northern Rock. The review identifies a number of areas for improvement in the execution of supervision, wh... |
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20th March 2008 FSA publishes discussion paper on information transparency in the commercial insurance market The Financial Services Authority (FSA) has today published a discussion paper (DP) that looks at intermediary commission disclosure and wider issues of transparency in the commercial insurance market. In December 2007 the FSA published an independe... |
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19th March 2008 Management changes at the FSA Hector Sants, Chief Executive of the Financial Services Authority (FSA), announced a series of management changes today. In a note to FSA staff, he said: "It is with regret I announce that Clive Briault is leaving the FSA by mutual agreement at th... |
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19th March 2008 FSA fines firm for inadequate capital and for providing misleading information The Financial Services Authority (FSA) has fined Blake Independent Financial Services Limited (BIFS), of Barnsley, South Yorkshire, GBP31,500 for failing to maintain adequate capital and for providing misleading financial information to the FSA. FS... |
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19th March 2008 FSA warns on market abuse The Financial Services Authority today confirmed that it is investigating trading in UK financial shares in recent days. Sally Dewar, managing director, wholesale and institutional markets, said: "There has been a series of completely unfounded rum... |
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14th March 2008 FSA suspends registration of Ethnic Mutual Ltd The Financial Services Authority (FSA) has suspended for three months from 14 March 2008 the registration of Ethnic Mutual Ltd, an exempt charity registered by it as an Industrial and Provident Society. The FSA has issued a warning on its Moneymadec... |
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11th March 2008 FSA publishes commentary on systems and controls, in light of the Societe Generale 'rogue trader' The Financial Services Authority (FSA) today published Market Watch 25, which focuses on firms' reviews of their systems and controls in light of the Societe Generale (SG) 'rogue trader' incident. Since SG's announcement on January 24 2008, FSA sup... |
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10th March 2008 FSA appoints two new Directors The Financial Services Authority (FSA) has today announced the appointment of Colin Lawrence as Director of its newly created Prudential Risk division, and Paul Sharma as Director of Wholesale and Prudential Policy. The appointments will take effect ... |
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6th March 2008 FSA launches consultation on the sponsor regime The Financial Services Authority (FSA) today published a consultation paper on amendments to the sponsor regime for Listed companies. Companies with Primary Listed equity securities or new applicants seeking a Primary Listing of their equity securit... |
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6th March 2008 FSA helps investors get GBP1million back from boiler rooms The Financial Services Authority (FSA) has helped 153 investors to get back over GBP1m, after they were illegally sold shares by unauthorised, overseas investment firms also known as boiler rooms. As part of its continuing work in this area, the FS... |
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3rd March 2008 FSA publishes new rules on telephone recording The Financial Services Authority (FSA) today published new rules requiring firms to record telephone conversations and other electronic communications to help deter and detect market abuse in the UK. From March 2009, firms will have to record all t... |
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3rd March 2008 FSA campaign to help homeowners worried about meeting their mortgage repayments New figures published by the Financial Services Authority (FSA) today show that one in five mortgage holders are concerned about meeting their repayments in the next 12 months. When asked how they would meet these costs, a quarter of them said they h... |
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3rd March 2008 FSA to lead 'pathfinder project' delivering a national money guidance service The Financial Services Authority (FSA) welcomes the Thoresen Report published today, and the announcement from HM Treasury that the FSA will lead a two-year pilot project to test delivery of the UK's first national money guidance service. The Thores... |
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27th February 2008 Hector Sants underlines commitment to risk-based regulation Hector Sants, Chief Executive of the Financial Services Authority (FSA), told an industry audience today that recent market turbulence and the problems at Northern Rock would not deflect the FSA from its commitment to more principles based regulation... |
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26th February 2008 FSA appoints Alexander Justham as Director of Markets The Financial Services Authority (FSA) today announced the appointment of Alexander Justham as its new Director of Markets. He succeeds Sally Dewar who became Managing Director of Wholesale and Institutional Markets in January this year. Justham is c... |
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22nd February 2008 Further progress on access for retail customers to alternative investments The Financial Services Authority (FSA) today set out further progress on allowing UK retail consumers to invest in funds of hedge funds and other alternative investments authorised in the UK. A Consultation Paper confirms the policy of introducing ... |
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19th February 2008 FSA proposes further simplification of investment advice disclosure The Financial Services Authority (FSA) has today published a Consultation Paper containing proposals which aim to further help investment advisers provide consumers with clear and simple information about services and costs. The FSA's new regime fo... |
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13th February 2008 'Fake' Stockbroker sentenced to 15 months. An unauthorised stockbroker, Mr William Anthony 'Robin' Radclyffe, of Salisbury, was sentenced on Monday 11 February, at the Central Criminal Court, London, to 15 months imprisonment for offences of dishonesty including theft. The sentencing follows... |
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11th February 2008 FSA bans broker and fines him GBP21,000 for dishonesty and misleading customers The Financial Services Authority (FSA) has banned Mr Mohammed Suba Miah (Mr Miah), a former broker at Square Mile Securities Limited, and fined him GBP21,000 for selling high risk shares to customers without their consent and deliberately misleading ... |
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6th February 2008 Financial Services Authority publishes its 2008/9 Business Plan The Financial Services Authority (FSA) today published its Business Plan for 2008/9. The plan sets out the FSA's programme of work for the year ahead to address the risks highlighted by the Financial Risk Outlook, published last week (29 January). T... |
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29th January 2008 FSA publishes its 2008 Financial Risk Outlook The Financial Services Authority (FSA) today published its Financial Risk Outlook (FRO) warning firms and consumers of the risks inherent in a significantly less benign economic environment. Its central scenario identifies the following five priority... |
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22nd January 2008 Insider Dealing: Two appear at City of London Magistrates' Court Former General Counsel of TTP Communications Christopher McQuoid of Royston, Hertfordshire, date of birth 13 May 1968 and James William Melbourne of Ripley, Derbyshire, date of birth 9 September 1933 today appeared at City of London Magistrates' Cour... |
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22nd January 2008 FSA's enhanced strategy for small firms begins The Financial Services Authority's (FSA) enhanced strategy for small firms will kick off in Northern Ireland in March with the first of a rolling programme of assessments that will cover 11,300 retail intermediaries in the next three years. The new ... |
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21st January 2008 Northern Rock HM Treasury, on behalf of the Tripartite Authorities, today announces a new financing structure that could be made available to Northern Rock and other interested parties, for a possible private sector solution for the entire company. This new financ... |
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16th January 2008 FSA fines HFC Bank GBP1.085 million for PPI failings The Financial Services Authority (FSA) has fined HFC Bank Ltd (HFC) GBP1,085,000 for failing to take reasonable care to ensure that the advice it gave customers to buy Payment Protection Insurance (PPI) was suitable, and for failing to have adequate ... |
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14th January 2008 FSA publishes a review of the structure of the Listing Regime The Financial Services Authority (FSA) has today published a Discussion Paper reviewing the structure of the UK Listing Regime. The paper discusses ways to re-label the Primary and Secondary listing segments to help participants in the markets unders... |
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14th January 2008 FSA fines stockbroker GBP250,000 for using high pressure sales tactics The Financial Services Authority (FSA) has today fined Square Mile Securities Limited (Square Mile) GBP250,000 for persistently using high pressure sales tactics and misleading information to sell customers shares they did not want or could not affor... |
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10th January 2008 FSA appoints Sally Dewar as Managing Director, Wholesale The Financial Services Authority (FSA) today announced the appointment of Sally Dewar as its new managing director of wholesale. She succeeds Hector Sants who became chief executive in July last year. Sally is currently the director of markets at the... |
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28th December 2007 FSA survey finds people too scared to open their post-Christmas bills New figures published today by the Financial Services Authority (FSA) show that 48% of people are more likely to go on a diet or book a holiday than try and sort out their finances in January (13%); while just under a quarter (24%) of 16 to 44-year-o... |
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19th December 2007 FSA publishes a review of the liquidity requirements for banks and building societies The Financial Services Authority (FSA) has today published a Discussion Paper (DP) reviewing liquidity requirements for banks and building societies. The paper draws some early lessons from recent market turbulence, suggests how future liquidity poli... |
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19th December 2007 FSA imposes a public censure on PB Roberts Limited The Financial Services Authority (FSA) has today published a public censure in respect of PB Roberts Ltd, a Liverpool-based mortgage broker, for poor record keeping and publishing unclear advertising material. FSA investigations found that PB Robert... |
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18th December 2007 New FSA travel insurance regime will protect consumers The Financial Services Authority (FSA) today published a Consultation Paper setting out its detailed plans for regulating travel insurance sold alongside a holiday - known as Connected Travel Insurance (CTI) - which is mainly sold by travel firm... |
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18th December 2007 FSA cuts back on detailed insurance selling rules but tightens up where customers are not being treated fairly The Financial Services Authority (FSA) today published its new Insurance Conduct of Business sourcebook (ICOBS) which sets out the standards and requirements for general insurance firms on how they deal with their customers. Dan Waters, FSA Directo... |
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17th December 2007 FSA fines Norwich Union Life GBP1.26m for exposing its customers to the risk of fraud The Financial Services Authority (FSA) has fined Norwich Union Life GBP1.26 million for not having effective systems and controls in place to protect customers' confidential information and manage its financial crime risks. These failings resulted in... |
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17th December 2007 FSA bans pet insurance broker The Financial Services Authority (FSA) has today banned David Holland, sole director of Flett Sinclair Insurance Brokers Limited (FSIB) and Petsure Limited, for misusing customers' assets. This is the first time the FSA has taken action against a pet... |
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14th December 2007 FSA bans four individuals for dishonest behaviour in the reinsurance market The Financial Services Authority (FSA) has prohibited John Hubert Whitcombe, Jeffrey Ronald Butler, Nicholas Brown and Christopher Reginald Colin Henton for their dishonest involvement in reinsurance business that funnelled very significant losses in... |
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14th December 2007 FSA and CONSOB sign regulatory cooperation agreement Following the merger, on 1 October 2007, of the London Stock Exchange Group plc and Borsa Italiana SpA (Borsa Italiana), the Financial Services Authority (FSA) and Commissione Nazionale per le Societa e la Borsa (CONSOB) have signed a Memorandum of U... |
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14th December 2007 FSA bans former Chief Executive of Insurance broker The Financial Services Authority (FSA) has today banned James Richardson, former Chief Executive Officer of Insure & Go Insurance Services Limited (Insure & Go), for attempting to mislead the FSA and for not being candid in his dealings with ... |
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10th December 2007 FSA announces further work on commission disclosure and the commercial insurance market The Financial Services Authority (FSA) today announced a further programme of work to consider possible inefficiencies in the commercial general insurance market before taking a decision on whether to mandate commission disclosure. This follows an in... |
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4th December 2007 FSA announces RDR timetable The Financial Services Authority (FSA) today announced a change to the timetable for publishing feedback on the Retail Distribution Review (RDR) Discussion Paper. An interim paper will be delivered ahead of schedule in April 2008, with full implement... |
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4th December 2007 FSA calls on lenders to protect themselves against a possible worsening of liquidity and credit risks The Financial Services Authority (FSA) today urged lenders to protect themselves against a possible worsening of liquidity and credit risks. Clive Briault, FSA Retail Managing Director, told the Council of Mortgage Lenders Annual Conference: "The... |
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3rd December 2007 Firms must do more to ensure their Appointed Representatives treat customers fairly A review by the Financial Services Authority (FSA) has found that firms are not doing enough to ensure that their Appointed Representatives (ARs) are treating customers fairly in the sale of general insurance, mortgage and investment products. As a ... |
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28th November 2007 FSA encourages growth of Islamic finance in the UK The Financial Services Authority (FSA) has today published a paper setting out its role in the development of the UK as the major European financial centre for Islamic financial products and services. Worldwide, Islamic finance has grown in recent ... |
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28th November 2007 FSA calls for all firms to ensure their promotional websites are fair, clear and not misleading A Financial Services Authority (FSA) review of advertising on financial firms' websites has found that three-quarters met the standards required. However, the findings, published today, also show that a significant minority of the websites sampled fa... |
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26th November 2007 FSA will work with industry to improve mortgage advice - and clamp down on brokers unwilling to change A series of reviews by the Financial Services Authority (FSA) has found that in spite of some improvements, several mortgage brokers continue to operate well below standard, with senior management failing to adequately monitor and control their firm'... |
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21st November 2007 FSA publishes review of 'waiver' on the handling of complaints in relation to unauthorised overdraft charges The Financial Services Authority (FSA) has completed its review of the 'waiver' of its complaints handling rules in the context of unauthorised overdraft charges. The waiver removes the obligation to deal with unauthorised overdraft charges complaint... |
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19th November 2007 FSA fines two firms and bans a third for sub-prime failings The Financial Services Authority (FSA) has penalised three firms found failing to meet its requirements during its sub-prime investigations published in July. All three had inadequate mortgage sales and advice procedures which exposed their customers... |
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16th November 2007 FSA fines Toronto Dominion Bank (London branch) GBP490,000 for systems and controls failings and bans Mr Simon Richard Brignall from carrying out regulated activities The Financial Services Authority (FSA) has fined Toronto Dominion Bank (London branch) (TD Bank) GBP490,000 for systems and controls failings in relation to one of its trading books. These failings occurred from the beginning of 2005 until 9 March 20... |
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14th November 2007 FSA update on funds of alternative investment funds The Financial Services Authority (FSA) today issued an update on its proposals to allow UK retail consumers to invest in funds of hedge funds and other alternative investments sold by firms authorised in the UK. The FSA had planned to issue a polic... |
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13th November 2007 Reformed funding model for Financial Services Compensation Scheme to operate from next year The Financial Services Authority (FSA) today confirmed the future funding arrangements for the Financial Services Compensation Scheme (FSCS) which will operate from 1 April 2008. The new funding system will: considerably increase the funding ava... |
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12th November 2007 FSA proposes greater disclosure of 'Contracts for Difference' The Financial Services Authority (FSA) has today published a consultation paper proposing greater disclosure of significant 'economic interests' in a company's shares held through derivatives such as Contracts for Difference (CfDs). The consultation... |
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6th November 2007 Financial Services Authority calls for renewed energy to deliver Treating Customers Fairly The pace of progress must increase if firms are to meet next year's deadlines, according to the latest report from the Financial Services Authority (FSA). Launched today at the FSA's third Treating Customers Fairly (TCF) Conference, the report, 'Tr... |
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2nd November 2007 Two men arrested in FSA's first criminal investigation on boiler rooms The Financial Services Authority (FSA), assisted by four police forces, on Wednesday 31 October 2007 arrested two men in connection with an investigation into "Universal Management Services" (UMS) which it believes has been helping illegal overseas b... |
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1st November 2007 FSA's new investment rules come into force The Financial Services Authority's (FSA) new and radically simplified regime for the conduct of investment business - the Conduct of Business Sourcebook (COBS) - comes into force today. Reform of the FSA's investment rules has been a fla... |
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31st October 2007 FSA fines stockbroker for poor risk warnings and advice The Financial Services Authority (FSA) has today fined Wills & Co Stockbrokers Limited (Wills & Co) GBP49,000 for failing to ensure that its customers understood the risks involved with penny shares, and for being unclear, unfair and misleadi... |
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18th October 2007 FSA fines mortgage firm for lifetime mortgage selling failures The Financial Services Authority (FSA) has fined The Minel Group Limited (Minel) GBP10,500 for exposing consumers to the risk of being sold an unsuitable equity release (lifetime) mortgage. In addition, Minel, based in Newcastle Upon Tyne, has to r... |
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5th October 2007 Eligible Assets Directive implementation provides clarification for UCITS managers The Financial Services Authority (FSA) today set out proposals to implement the EU Eligible Assets Directive (EAD) and the related Committee of European Securities Regulators (CESR) guidelines for operators of Undertakings for Collective Investments ... |
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3rd October 2007 Chris Pond appointed as Director of Financial Capability for the FSA The Financial Services Authority (FSA) has appointed Chris Pond, currently Chief Executive for the National Council of One Parent Families, as Director of Financial Capability. This is a new position within the FSA and reflects the growing importance... |
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2nd October 2007 New measures to help small firms from FSA The Financial Services Authority (FSA) today announced it is introducing new measures to increase its contact with small firms. The aim is to help firms make faster progress in meeting the FSA's Treating Customers Fairly (TCF) initiative and to ident... |
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1st October 2007 Compensation Scheme to cover 100% of depositors' claims up to GBP35,000 The Financial Services Authority (FSA) has increased the limit of Financial Service Compensation Scheme (FSCS) cover for deposits to 100% of the first GBP35,000 of each depositor's claim. This increase applies from 1 October 2007. The previous compe... |
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28th September 2007 FSA launches a more principles-based regime for unit-linked investments Important changes which will allow life insurance companies to invest in a wider range of unit-linked assets will come into effect next month. The current Financial Services Authority (FSA) 'Permitted Links' rules, which govern which assets the GBP7... |
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27th September 2007 FSA tells firms to ensure proper management of with-profits funds In a letter sent to with-profits insurers, the Financial Services Authority (FSA) has reinforced the need for firms to ensure that they treat policyholders fairly. The letter follows reviews of two aspects of the management of with-profits funds whic... |
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26th September 2007 FSA publishes latest findings on PPI The Financial Services Authority (FSA) has today published the findings of its latest review of Payment Protection Insurance (PPI) selling standards. They show improvements in some areas, but also that many firms are still failing to treat their cust... |
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25th September 2007 FSA shuts down UK based firms for assisting boiler rooms Two UK based firms, Chesteroak Limited (Chesteroak) and Bingen Investments Limited (Bingen), incorporated in Gibraltar, have been placed into compulsory liquidation by the High Court for assisting boiler rooms. The boiler rooms were unlawfully prom... |
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12th September 2007 University freshers should be smart about their money and get a check up with their university money doctor With thousands of young people preparing to leave home for the first time to attend university, the Financial Services Authority (FSA) has assembled five key pieces of financial information that no young person should be without. Shop around - to... |
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6th September 2007 FSA fines mortgage firm and its chief executive for re-mortgage and PPI selling failures The Financial Services Authority (FSA) has fined Hadenglen Home Finance Plc (Hadenglen) GBP133,000, and its chief executive GBP49,000, for inadequate systems and controls when recommending re-mortgages and Payment Protection Insurance (PPI) to custom... |
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4th September 2007 Industry Guidance key role in Principles-Based Regulation The Financial Services Authority's (FSA) new framework for recognising Industry Guidance comes into effect today - an important step in the move towards Principles-Based Regulation. Trade associations, professional bodies and firms will be able to s... |
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3rd September 2007 New term for FSA's Independent Complaints Commissioner Sir Anthony Holland has been reappointed as the Independent Complaints Commissioner for the Financial Services Authority (FSA) for a second term, beginning on 3 September 2007. Operating independently, the Complaints Commissioner is responsible for... |
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3rd September 2007 Mortgage broker fined for financial promotion and sales-related failings The Financial Services Authority (FSA) has fined Select Mortgage Services (Select) GBP10,500 for poor financial promotions, inadequate sales processes and inappropriate systems and controls to manage its business. A review by the FSA last year of f... |
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1st August 2007 Two firms fined, one censured for management failings on mortgage advice The Financial Services Authority (FSA) has taken action against three mortgage brokers for management failings discovered during its work last year on the quality of mortgage advice processes within firms. Lawrence Scoffield Mortgages Limited (LSML... |
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1st August 2007 Mortgage exit administration fees (MEAFs): an update The Financial Services Authority today updated on how mortgage lenders have responded to concerns that mortgage exit administration fees (MEAFs) have been increased unfairly. A Statement of Good Practice, issued by the FSA in January, highlighted th... |
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31st July 2007 FSA aims to streamline regulatory returns The Financial Services Authority (FSA) is proposing to make it easier for firms to complete both the Complaints Return and the Retail Mediation Activities Return (RMAR) by simplifying and shortening them. The volume of information that firms must re... |
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30th July 2007 FSA confirms decision to retain consumer protection measures in revised investment rules The Financial Services Authority (FSA) has today published a Policy Statement confirming that it will retain a number of specific consumer protection measures when its new rulebook for investment business - Conduct of Business Sourcebook (COBS)&... |
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27th July 2007 FSA grants waiver to firms on complaints handling The Financial Services Authority (FSA) today (Friday 27 July) issued a 'waiver' from its complaints handling rules that apply to unauthorised overdraft charges complaints. This follows the decision by the Office of Fair Trading (OFT) and some firms t... |
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27th July 2007 New FSA Training and Competence regime will be simpler and more principles-based The Financial Services Authority (FSA) today confirmed the introduction of a more outcome-focused and flexible Training and Competence (T & C) regime - including a new, shorter, simpler and more principles-based T & C Sourcebook. Dan Waters... |
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26th July 2007 FSA issues latest publications to support delivery of TCF initiative: Culture and Management Information The Financial Services Authority (FSA) has today issued its latest publications to support the delivery of the Treating Customers Fairly (TCF) initiative, which continues to be a key priority for the FSA's work in the retail market. The first publi... |
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26th July 2007 Financial Services Authority confirms Portman Building Society merger with the Nationwide Building Society The Financial Services Authority today announced that it has confirmed the proposed transfer of the engagements of the Portman Building Society to the Nationwide Building Society. Copies of the FSA's written decision [PDF] are available on the FSA ... |
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16th July 2007 FSA issues Guidance on provider and distributor responsibilities The Financial Services Authority (FSA) has today published Guidance on the responsibilities of providers and distributors of product and services for the fair treatment of customers. The Guidance arises from the FSA's Treating Customers Fairly initi... |
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13th July 2007 Hector Sants appointed FSA chief executive Hector Sants has been appointed chief executive of the Financial Services Authority (FSA). He will take up the post on 20 July 2007, succeeding John Tiner who steps down at the Annual Public Meeting on 19 July.Hector Sants is currently managing direc... |
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12th July 2007 Firms agree to change the way they sell PPI over the internet Major finance firms have agreed to change the way they sell payment protection insurance (PPI) over the internet, following action by the Financial Services Authority (FSA). Firms were offering loans on their websites where PPI was automatically incl... |
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12th July 2007 Financial Services Compensation Scheme Board Appointment The Financial Services Authority (FSA) has appointed Max Taylor as a non-executive Director of the Financial Services Compensation Scheme effective from 1 September 2007.Max Taylor is deputy chairman of Insurance Broker Aon UK, and Executive Director... |
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5th July 2007 FSA publishes a review of Personal Investment Firms' Prudential Requirements The Financial Services Authority (FSA) has today published a Discussion Paper (DP) reviewing the prudential requirements for Personal Investment Firms (PIFs). The paper discusses options for changing these rules in order to help reduce the impact of ... |
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5th July 2007 FSA launches discussion on oversight of trading in MTF shares The Financial Services Authority (FSA) has today published a discussion paper that considers the potential issues raised for the FSA's oversight of markets for multilateral trading facility (MTF) shares. This is as a result of the proposed modernisat... |
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4th July 2007 FSA finds poor practice by intermediaries and lenders within sub-prime market The Financial Services Authority (FSA) today published its latest review of the behaviour of intermediaries and lenders within the sub-prime mortgage market, which services consumers with impaired credit histories. It has found weaknesses in responsi... |
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2nd July 2007 FSA publishes conclusions of M&A inside information review The Financial Services Authority (FSA) has today published the results of its review of controls over inside information in relation to public takeovers and sets out its next steps. The results are contained in the newsletter MarketWatch 21. The rev... |
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29th June 2007 FSA sets out a principles-based future for general insurance regulation The Financial Services Authority (FSA) today published a consultation paper proposing to radically reform the rules firms need to follow in carrying out general insurance business with their customers. A differentiated approach to insurance conduct o... |
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29th June 2007 FSA publishes feedback and further consultation on Listing Review for Investment Entities The Financial Services Authority (FSA) has today published a combined consultation and feedback paper, CP07/12, on the Investment Entities Listing Review. The FSA announced in April its intention to proceed on the basis of a unitary listing regime f... |
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21st June 2007 FSA publishes Annual Report for 2006/07 The Financial Services Authority (FSA) today published its Annual Report for the year 2006/07. The report details how the FSA has delivered outcomes for both firms and consumers throughout the year under the three headings which cover all of the FSA... |
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20th June 2007 FSA appoints new Director of Retail Firms Division The Financial Services Authority (FSA) has appointed Sheila Nicoll, currently Deputy Chief Executive of the Investment Management Association (IMA), as its new Director of the Retail Firms Division. Sheila, who will take up her post in September, ha... |
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20th June 2007 FSA begins recruitment drive for university Money Doctors From tuition fees to loans and credit, students face more financial responsibilities today than ever before - but for many students, university will probably the first time they will have handled their own finances. In recognition of this, the... |
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11th June 2007 FSA publishes feedback on private equity risks The Financial Services Authority (FSA) has today published its feedback to Discussion Paper 06/6 Private Equity: A discussion of risk and regulatory engagement, which examined the impact that growth and development in the private equity market has on... |
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11th June 2007 FSA fines adviser firm 42,000 GBP for management and complaints handling failings The Financial Services Authority (FSA) has fined Kilminster Financial Management Limited (Kilminster), a network of Independent Financial Advisers, 42,000 GBP for management and complaints handling failings from 1 January 2004 to 23 August 2006.... |
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7th June 2007 FSA bans illegal insurer from management for life The Financial Services Authority (FSA) has banned David William King from managing, controlling or having significant influence over any person or companies allowed to carry out FSA regulated activities. The FSA took this action against Mr King bec... |
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31st May 2007 New investment business rules mark significant move to principles-based regulation The Financial Services Authority (FSA) today published a Policy Statement that will lead to a radical simplification of the rules firms need to follow in carrying out investment business with their customers. The reform of the Conduct of Business ru... |
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31st May 2007 FSA publishes final regulatory fees and levies for 2007/08 The Financial Services Authority (FSA) today published the final FSA fees and Financial Ombudsman Service (FOS) levies for regulated firms for 2007/08. The FSA has finalised fee rates for 2007/08 at levels that, for most firms, are lower than those ... |
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23rd May 2007 Portman and Nationwide Building Societies: merger confirmation hearing The Financial Services Authority (FSA) today announced the arrangements for the hearing of the proposed transfer of the engagements of Portman Building Society to Nationwide Building Society. The confirmation hearing will be held at The Norfolk Roy... |
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22nd May 2007 FSA finds significant improvement in home and motor insurance press advertising The Financial Services Authority (FSA) today announced the outcome of its review of the use of savings claims in general insurance press advertising, which has found a significant improvement in standards since it raised concerns in January 2007. T... |
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22nd May 2007 FSA tells small retail firms they are on the regulatory radar The Financial Services Authority (FSA) today dismissed the 'folklore' that small retail firms are under the regulatory radar. Speaking at a conference for financial advisers, Stephen Bland, Director of Small Firms, warned that a misconception that ... |
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21st May 2007 FSA concludes split capital investment trust investigation The FSA has been conducting an investigation into the activities of certain fund managers and brokers in the split capital investment trust sector between September 2000 and February 2002. The FSA has now resolved and discontinued its investigation... |
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17th May 2007 FSA expects firms to do more to treat consumers with life insurance products fairly The Financial Services Authority (FSA) has today published an insurance sector briefing on thematic work which suggests that some advisers are not providing sufficient ongoing advice for with-profits policyholders. It also shows that after-sales comm... |
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16th May 2007 FSA confirms Industry Guidance on outsourcing The Financial Services Authority (FSA) today confirmed that its supervision of outsourcing by firms will in future take account of industry guidance which has been issued by MiFID Connect. This is the first guidance developed by industry which the ... |
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15th May 2007 FSA fines Charterhouse 122,500 GBP for unauthorised portfolio management The Financial Services Authority has fined Charterhouse Consulting Wealth Management Limited ("Charterhouse") 122,500 GBP for carrying out discretionary portfolio management without permission and for various conduct of business failings. Char... |
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10th May 2007 FSA fines BNPP Private Bank 350,000 GBP for weak anti-fraud controls The Financial Services Authority (FSA) has today fined BNP Paribas Private Bank (BNPP Private Bank) 350,000 GBP for weaknesses in its systems and controls which allowed a senior employee to fraudulently transfer 1.4 million GBP out of clien... |
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9th May 2007 Contracting out of SERPS/S2P: FSA finds no widespread mis-selling The Financial Services Authority (FSA) has concluded its investigation into the sales of policies used to contract out of the State Second Pension (S2P), previously known as the State Earnings Related Pension Scheme (SERPS), and found no evidence of ... |
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8th May 2007 FSA announces progress made on TCF and sets further deadline The Financial Services Authority (FSA) today reported an increase in commitment by senior management to the principle of Treating Customers Fairly (TCF) but warned firms who have failed to engage that they face tough action. To ensure rapid engagem... |
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1st May 2007 FSA prohibition action following failings in connection with pension transfers The Financial Services Authority (FSA) today prohibited Ivan and Valerie Richards from performing certain controlled functions related to regulated activities. The case relates to advice provided by Alexanders, an independent financial advice compan... |
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26th April 2007 Retail distribution review: Conference will update on progress The Financial Services Authority (FSA) will set out the key issues for discussion on its major review of the retail distribution market at a conference on 27 June 2007. The Retail Distribution Review, launched in June 2006, involves the FSA, indust... |
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25th April 2007 FSA tells firms to improve general insurance sales standards when cold calling The Financial Services Authority (FSA) today said firms must improve the standards of cold calling when selling general insurance over the telephone to ensure they are treating their customers fairly. The FSA reviewed a sample of 43 firms to look at... |
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23rd April 2007 FSA sets out future of regulation The Financial Services Authority (FSA) today published a paper setting out its current thinking on its move towards a more-principles-based regulatory regime. The paper, entitled 'Principles-based Regulation - Focusing on the Outcomes that Matter', a... |
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19th April 2007 FSA fines Sesame 330,000 GBP for SCARPs complaints handling failures The Financial Services Authority (FSA) has fined Sesame Limited (Sesame) 330,000 GBP for failing to treat its customers fairly by not handling complaints concerning Structured Capital At Risk Products (SCARPs) adequately. The problems with Ses... |
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17th April 2007 FSA finds many small firms that employ compliance consultants are not acting on the advice they are given Small firms using compliance consultants should act on the advice they are given if it would help them comply with their regulatory requirements, the Financial Services Authority (FSA) said today. The financial regulator carried out work in late 200... |
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13th April 2007 FSA maintains a tough stance with small firms on minimum standards The Financial Services Authority (FSA) said today that it had maintained a tough stance towards small firms that failed to meet its minimum standards in 2006/07. The FSA has minimum requirements or threshold conditions that all firms must fulfil in o... |
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12th April 2007 FSA fines former finance director 30,000 GBP for principles breaches The Financial Services Authority (FSA) has fined Mr David Whistance, the former Finance Director of W Deb MVL Plc (WDM), 30,000 GBP for breaches of FSA Principles by failing to exercise due skill, care and diligence in carrying out his role and ... |
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11th April 2007 Financial Ombudsman Service funding arrangements: Feedback Statement The Financial Services Authority (FSA) and the Financial Ombudsman Service have today published a Feedback Statement describing responses to the discussion initiated last year about how the costs of funding the ombudsman service's compulsory jurisdic... |
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11th April 2007 FSA bans insurance broker for management failings The Financial Services Authority (FSA) has prohibited Alan Dennis Garlick, Director of Chapel Finance Limited (Chapel), from carrying out regulated activities for management failures and a lack of skill, care and diligence.The FSA found that Mr Garli... |
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10th April 2007 Mortgage Effectiveness Review: focusing on higher risk areas The Financial Services Authority announced today that the second stage of its review of the effectiveness of its mortgage regime will focus on areas where the risk of consumer detriment may be higher, such as sub-prime and lifetime mortgages. It wi... |
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5th April 2007 All systems go for new home finance regulation From tomorrow (6 April) the Financial Services Authority is introducing new protections in the housing market. Older consumers wanting to release equity in their homes through a Home Reversion Plan (HR) will enjoy these protections as will consumers ... |
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4th April 2007 FSA updates on investment entities listing rules The Financial Services Authority (FSA) has today published an update on the investment entities listing review. In response to the feedback received to CP06/21 - Investment Entities Listing Review the FSA will consult on the introduction of a single ... |
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29th March 2007 Consumers to benefit from PPI refunds agreement Consumers who have bought payment protection insurance (PPI) with a single premium will benefit from a series of measures relating to the fairness and transparency of refunds agreed between the Financial Services Authority and the PPI industry. Cliv... |
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29th March 2007 Solicitors made bankrupt for assisting boiler room A solicitor, Adrian Sam has been made bankrupt by the Financial Services Authority (FSA) because his previous law firm, Adrian Sam & Co (ASC), assisted an illegal overseas boiler room. This follows the FSA's attempts to enforce a High Court rul... |
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28th March 2007 FSA frees up rules for unit-linked investments The Financial Services Authority today sets out proposed changes to its 'Permitted Links' rules that govern which assets the 650 billion GBP unit-linked insurance sector can invest in. The current Permitted Links rules have been in place for 13... |
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28th March 2007 FSA announces funding for three development workers for the Scottish Centre for Financial Education The Financial Services Authority (FSA) has announced funding for three new positions within the Scottish Centre for Financial Education (SCFE), which is part of Learning and Teaching Scotland, to help develop financial education resources to meet the... |
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27th March 2007 Wider access for retail customers to alternative investments The Financial Services Authority (FSA) today set out proposals that would allow UK retail consumers to invest in funds of hedge funds and other alternative investments sold by firms authorised in the UK. Retail investors here are already able to ge... |
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26th March 2007 Lone parent, carer and elderly groups to benefit from FSA's Innovation Fund Lone parents, carers and the elderly are just some of the groups that will benefit from the latest round of funding being awarded by the Financial Services Authority (FSA) to help people become more financially capable. The 200,000 GBP Innovat... |
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26th March 2007 FSA publishes review of the commodities market The Financial Services Authority (FSA) has today published a paper which examines the recent growth in investment in commodity markets. The paper, 'Growth in Commodity Investment: risks and challenges posed for commodity market participants', conclud... |
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21st March 2007 FSA moves towards a more principles-based and proportionate approach to general insurance regulation An interim report published today by the Financial Services Authority demonstrates that consumer experiences and risk of detriment vary substantially across the various markets for general insurance products. The FSA has decided, therefore, to consid... |
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20th March 2007 FSA sets out reforms to funding of Compensation Scheme The Financial Services Authority (FSA) today set out proposals to reform the funding of the Financial Services Compensation Scheme (FSCS). The reforms are designed to create a funding system that will: be more robust and sustainable than the pres... |
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20th March 2007 FSA fines analyst for market misconduct The Financial Services Authority (FSA) has today fined Roberto Casoni, a former equities analyst, 52,500 GBP for failing to observe proper standards of market conduct while carrying out his role as an Approved Person. This was in breach of Princ... |
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14th March 2007 FSA supports IOSCO Principles for the valuation of Hedge Fund Portfolios The Financial Services Authority (FSA) has today supported the paper released by IOSCO on the valuation principles that should be used by hedge funds in valuing their investment portfolios.Dan Waters, FSA Asset Management Sector Leader and Chair of t... |
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13th March 2007 FSA tells general insurance intermediaries no excuse for failing to protect client money The Financial Services Authority (FSA) said today that general insurance intermediaries holding client money have no excuse for failing to protect it adequately after recent work found that those who used its new Client Money Guide showed a marked im... |
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12th March 2007 FSA launches 2 million GBP campaign to help consumers get a grip on insurance The Financial Services Authority (FSA) has launched a 2m GBP campaign, reaching across radio, newspapers and websites, to help consumers feel more capable and confident about buying insurance. The FSA conducted a survey to assess consumers' und... |
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7th March 2007 FSA publishes updated measure of UK market cleanliness The Financial Services Authority (FSA) is today publishing the results of its latest work to measure the cleanliness of UK financial markets OP25 - Updated Measurement of Market Cleanliness. The recent exercise extended the period examined to in... |
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6th March 2007 FSA tackles financial crime in the insurance industry Under the new system insurance firms and intermediaries are being called on to inform the FSA when they suspect criminal behaviour, so that the FSA can decide whether to investigate further. This may arise when an insurer terminates an agency agreeme... |
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28th February 2007 FSA simplifies training and competence rules for retail business The Financial Services Authority today set out proposals for a shorter and more outcome-focused Training and Competence (T&C) Sourcebook that will apply only to retail firms and business. This is part of the FSA's drive to simplify and streamline... |
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27th February 2007 FSA acts to stop UK firm from assisting overseas boiler rooms The High Court has placed The Inertia Partnership LLP (Inertia) into compulsory liquidation after the East Sussex-based company assisted boiler rooms which were unlawfully promoting and selling shares to UK consumers. The order was made against the c... |
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26th February 2007 FSA imposes a public censure on Cathedral Motor Company Limited The Financial Services Authority has today imposed a public censure on Cathedral Motor Company Limited (Cathedral) for failures relating to its sale of Payment Protection Insurance (PPI) in connection with vehicle finance agreements.Cathedral is a fr... |
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26th February 2007 Almost 70% of people shop around to get the best deals on new gadgets. But only 43% bother to compare deals on life insurance New figures published today show that people are savvier when shopping for home gadgets than they are when searching for life insurance to protect their families. During research to devise a checklist of five questions to help people when shopping fo... |
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23rd February 2007 1 million GBP a year saving for firms in Approved Persons simplification The Financial Services Authority (FSA) today confirmed it will merge the customer functions in its Approved Persons regime into a new single category, following strong support from the industry for the proposal. The change eliminates the need for fir... |
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22nd February 2007 FSA fines investment firm 14,000 GBP for 'income withdrawal' failings The Financial Services Authority (FSA) has fined Regency Investment Services (Regency) 14,000 GBP for not obtaining enough personal and financial information from customers with small pension pots before advising them on income withdrawal. Incom... |
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16th February 2007 FSA acts to halt boiler room activities The Financial Services Authority (FSA) has obtained interim injunctions at the High Court against UK-based Chesteroak Ltd, Bingen Investments Ltd, incorporated in Gibraltar, and Mr Samuel Nathan Kahn because it believes they have been involved in ass... |
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15th February 2007 FSA fines Capital One for PPI sales failures The Financial Services Authority has today fined Capital One Bank (Europe) Plc (Capital One) 175,000 GBP for failing to have adequate systems and controls for selling Payment Protection Insurance (PPI) insurance and for failing to treat its cust... |
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14th February 2007 FSA fines Nationwide 980,000 GBP for information security lapses The Financial Services Authority (FSA) has today fined Nationwide Building Society (Nationwide) 980,000 GBP for failing to have effective systems and controls to manage its information security risks. The failings came to light following the the... |
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6th February 2007 FSA Business Plan focuses on more principles-based regulation The Financial Services Authority (FSA) published today its Business Plan for 2007/8 which sets out its priorities for the coming year. The plan focuses on the organisation's move towards more principles-based regulation (MPBR).The document also outli... |
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1st February 2007 FSA appoints new director The FSA has announced the appointment of Lesley Titcomb as Director of the Regulatory Transactions Division. Lesley joined the Securities & Investments Board, predecessor to the FSA, in 1994. Since then she has held a wide range of posts covering... |
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31st January 2007 FSA urges firms to improve stress testing The Financial Services Authority (FSA) today called on firms to improve the stress testing of their businesses after its financial risk report highlighted the greater impact a shock could have were it to happen in the next 18 months.The FSA's Financi... |
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30th January 2007 New group to help the FSA to enhance the coherence of its retail regulation of savings agenda The Financial Services Authority today announced the formation of a group to provide stakeholder input to help the FSA enhance the coherence of its retail regulation of savings agenda.The Retail Savings Regulatory Strategy Group, with members from th... |
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26th January 2007 FSA statement on mortgage exit administration fee increases The Financial Services Authority today set out its views on recent increases in mortgage exit administration fees (MEAFs), and how it expects mortgage lenders to address the issues raised. The FSA is responding to recent concerns that MEAFs had been ... |
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26th January 2007 Deadline met for transposing MiFID rules The Financial Services Authority today published a Policy Statement and Handbook text that finalises its transposition of the Markets in Financial Instruments Directive (MiFID) for FSA-regulated firms and markets by the EU deadline of 31 January 2007... |
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26th January 2007 Financial Services Compensation Scheme Board appointments The Financial Services Authority has appointed two new non-executive Directors to the Board of the Financial Services Compensation Scheme (FSCS) with effect from 1 February 2007.They are:Tony Ashford Currently the Chairman of the HSBC Pensions Trust ... |
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26th January 2007 FSA fines GE Capital Bank The Financial Services Authority has today fined GE Capital Bank Ltd (GECB) 610,000 GBP for failing to have adequate systems and controls for selling insurance which includes Payment Protection Insurance (PPI) and for failing to treat its custom... |
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22nd January 2007 New FSA team to crack down on financial crime The Financial Services Authority (FSA) unveiled a new division today to tackle the risks posed by the evolution of financial crime. Speaking at the FSA's Annual Financial Crime Sector Conference, John Tiner, the FSA's Chief Executive, told the audien... |
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18th January 2007 Retail Distribution Review: FSA announces members of industry groups The Financial Services Authority (FSA) today announced the industry figures that will lead the working groups of its Retail Distribution Review (RDR) to identify market solutions to core problems within the retail investment market.The RDR's five key... |
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18th January 2007 FSA fines W Deb MVL Plc (formerly Williams de Broe Plc) 560,000 GBP for breaches of FSA principles The Financial Services Authority (FSA) has fined W Deb MVL Plc (WDM) 560,000 GBP for widespread failings in its systems and controls resulting in poor accounting systems and inadequate client money protection. The failings occurred over a four a... |
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16th January 2007 'Savings claims' in insurance advertising can mislead consumers warns FSA The Financial Services Authority (FSA) has today warned insurance firms to stop using savings claims which could mislead consumers in their advertising or face regulatory action. The warning from the financial watchdog follows a review of press adver... |
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16th January 2007 John Tiner to step down as ceo in July 2007 John Tiner, chief executive officer of the Financial Services Authority (FSA), announced today that he intends to step down later this year.He said: 'By the time I leave in July, I will have spent six years at the FSA, almost four of them as chief ex... |
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11th January 2007 Chairmen's Committee approve proposed combination involving Euronext N.V. and NYSE Group Inc. The Chairmen's Committee of the Euronext regulators ("Chairmen's Committee") yesterday approved the proposals for the Euronext / NYSE combination. This approval was based on the documentation made available during the assessment process and on t... |
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11th January 2007 FSA determined to see better practice in PPI sales The Financial Services Authority today announced details of a new phase of its work designed to improve sales standards in the Payment Protection Insurance (PPI) market. This is one of the largest programmes of thematic work the FSA has undertaken.Th... |
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8th January 2007 FSA says firms need to improve mortgage advice processes The Financial Services Authority (FSA) today called on firms giving mortgage advice to improve their processes after new findings showed that only one third of the firms it sampled had robust processes in place to provide customers with suitable advi... |
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20th December 2006 FSA fines home shopping company 270,000 GBP for PPI selling failures The Financial Services Authority has today fined Redcats (Brands) Limited 270,000 GBP for failing to treat its customers fairly when selling Payment Protection Insurance (PPI) in connection with home shopping products. The regulator found that R... |
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20th December 2006 FSA imposes a public censure on Eastern Western Motor Group The Financial Services Authority has today imposed a public censure on Eastern Western Motor Group Limited (EMWG) for failures relating to its sale of Payment Protection Insurance (PPI) in connection with vehicle finance agreements.EMWG failed to org... |
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14th December 2006 FSA publishes further consultation on listing rules for investment entities The Financial Services Authority (FSA) has today published CP06/21 Investment Entities Listing Review to clarify and seek further views on certain aspects of the original consultation (see note 2). This includes clarifying the importance of a company... |
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13th December 2006 Consumers with interest-only mortgages need to have robust repayment plans, says FSA Consumers taking out interest-only mortgages generally have a reasonable understanding of the risks involved but a significant minority do not have a robust repayment strategy in place, the Financial Services Authority (FSA) said in a report today.Re... |
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11th December 2006 Endowments: better outcomes for consumers but no room for complacency, says FSA A report published today by the Financial Services Authority (FSA), shows that consumers are getting better outcomes in the way their mortgage endowment complaints are handled. But the FSA stressed that there is no room for complacency. The report se... |
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8th December 2006 FSA fines mortgage firm 52,500 GBP for management failures The Financial Services Authority (FSA) has fined Home and County Mortgages Limited (HCML) 52,500 GBP for management failures and a lack of skill, care and diligence. HCML is a mortgage intermediary which operates mainly in the right to buy marke... |
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5th December 2006 Statement on the proposed combination involving Euronext N.V. and NYSE Group Inc. The Chairmen's Committee of the Euronext regulators ("Chairmen's Committee") has considered the proposed combination of Euronext N.V. and NYSE Group Inc. On the basis of the information currently available, the Chairmen's Committee confirms that it i... |
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5th December 2006 FSA acts to halt unauthorised deposit-taker The Financial Services Authority (FSA) has obtained an interim injunction at the High Court against Mr Christian Orpin, Mr Michael Vickery and Orpery Limited, of which they are the directors. The FSA believes that they were unlawfully accepting depos... |
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30th November 2006 FSA response to Practitioner Panel report The Financial Services Authority (FSA) today responded to the latest survey of regulated firms by the independent Financial Services Practitioner Panel. Overall, the Panel's biennial report shows that satisfaction levels for larger firms, which hav... |
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30th November 2006 Further progress needed by insurers on their management of risk The insurance industry's management of risk has progressed substantially over recent years, but firms still need to further improve the effectiveness of their risk management frameworks.This was the main conclusion of a review by the Financial Servic... |
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29th November 2006 New director appointments at the FSA The Financial Services Authority (FSA) today announced two new director appointments. The Finance Strategy and Risk division currently under Kari Hale has been split in two with added responsibilities for each. Verena Ross has been appointed Director... |
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29th November 2006 Financial Services Authority confirms Universal Building Society merger with the Newcastle Building Society The Financial Services Authority today announced that it has confirmed the proposed transfer of the engagements of the Universal Building Society to the Newcastle Building Society.View the FSA's written decision. The document sets out the reasons for... |
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28th November 2006 Poor financial advertising in sub-prime market a sign of wider problems, says FSA Mortgage brokers in the sub-prime market who issue poor advertising and promotional materials were also found to have inadequate systems and controls to manage their businesses according to the FSA, the UK's financial watchdog.Over the past year, the... |
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24th November 2006 FSA sets out costs and benefits of MIFID The Financial Services Authority today published a paper setting out its assessment of the overall costs and benefits for the financial services industry of implementing the Markets in Financial Instruments Directive (MiFID) in the UK. The overall im... |
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24th November 2006 Market wide exercise helps to enhance the resilience of financial sector A six week market wide business continuity exercise led by the Financial Services Authority on behalf of the Tripartite Authorities (Bank of England, HM Treasury and FSA) has made a significant contribution to enhancing the resilience of the UK finan... |
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23rd November 2006 FSA fines salesman for inappropriate conduct The Financial Services Authority has today fined Sean Pignatelli 20,000 GBP for failing to exercise due skill, care and diligence and to observe proper standards of market conduct when carrying out his function as an approved person. This breach... |
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22nd November 2006 FSA fines GenRe UK 1,225,000 GBP for improper reinsurance transactions The Financial Services Authority (FSA) has fined General Reinsurance UK Limited (GenRe UK) 1.225m GBP for arranging two improper reinsurance transactions. In doing so, GenRe UK breached FSA Principle 2 by not conducting its business with due ski... |
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21st November 2006 FSA fines mortgage firm for cold calling The Financial Services Authority (FSA) has fined Capital Mortgage Connections Ltd (CMC) 17,500 GBP for rule breaches including cold calling potential customers. This is the first time it has taken action against a firm for cold calling. The fine... |
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20th November 2006 FSA signs regulatory cooperation agreement with the CFTC The Financial Services Authority (FSA) has signed a Memorandum of Understanding (MoU) with the United States' Commodities and Futures Trading Commission (CFTC) to strengthen cooperation on the exchange of regulatory information which will support cro... |
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13th November 2006 Recognition for FSA's Firms Contact Centre The Financial Services Authority's Firms Contact Centre has received accreditation from Contact Centre Association (CCA), the UK's professional body for contact centres. The award is being presented to the FSA at a ceremony in Edinburgh today. The F... |
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9th November 2006 33% still see senior management buy-in as the biggest barrier to implementing TCF One third of delegates responded that the biggest barrier to implementing Treating Customers Fairly within their firms was lack of buy-in from senior management. This was the main message to emerge from the FSA's Treating Customers Fairly Conference ... |
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6th November 2006 FSA launches discussion on private equity market The Financial Services Authority (FSA) has today published a discussion paper on the impact that the growth in the private equity market has had on the UK's wholesale markets and how the FSA is meeting the challenges this poses.The FSA believes that ... |
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6th November 2006 FSA bans ICM for practices which put consumers at risk The Financial Services Authority (FSA) today cancelled ICM Group Ltd's permission to carry on regulated activities after it found that the firm had failed to pass on client premiums to insurers, leaving clients potentially uninsured. In addition, ICM... |
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3rd November 2006 FSA bans Christopher Whiteley for failing to insure consumers The Financial Services Authority (FSA) has today banned Mr Christopher Edward Whiteley from performing any function in relation to regulated activities after it found that Whiteley Insurance Consultants (WIC) had left thousands of consumers without p... |
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2nd November 2006 CIC policyholders to be compensated The High Court has approved the Financial Services Authority's application for the distribution of approximately 655,000 GBP to policyholders who bought insurance from CIC Insurance Company SA (CIC), an unauthorised insurance provider, through a... |
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2nd November 2006 FSA sets out the priorities for its review of retail distribution The Financial Services Authority today set out the five key priorities for its review of the distribution of retail investments. It also called on the industry to play the lead role in delivering market solutions to provide better outcomes for consum... |
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1st November 2006 FSA encourages the use of Industry Guidance The Financial Services Authority today set out plans to encourage greater use of Industry Guidance as it moves towards a more principles-based approach to regulation.Industry Guidance includes Codes of Practice and similar Statements generated by tra... |
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31st October 2006 FSA publishes radical proposals for move to principles-based regulation The Financial Services Authority (FSA) today published its proposals for a radical simplification of the rules that firms must follow in carrying out investment business with customers. The reform of the Conduct Of Business (COB) rules is a flagship ... |
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30th October 2006 FSA and teachers' TV collaborate on new personal finance education programmes A brand new series of programmes about personal financial education in the classroom will make its debut tonight on Teachers' TV following collaboration between the Financial Services Authority and the channel.The series titled Financial Capability c... |
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30th October 2006 Green light for new home finance regulation The Financial Services Authority (FSA) today publishes final rules for the regulation of Home Reversion plans (HRs) and Islamic law-compliant Home Purchase Plans (HPPs), which will come within its scope next year. The FSA's rules, which following con... |
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27th October 2006 FSA publishes near final Transparency Directive rules and updates on Investment Entities Listing Rules review The Financial Services Authority (FSA) has today published a policy statement PS06/11 Implementation of the Transparency Directive - Feedback on CP06/4 setting out the near-final rules for the implementation of the Transparency Directive, and ou... |
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26th October 2006 FSA fines loan broker 455,000 GBP for PPI selling failures The Financial Services Authority (FSA) has fined Loans.co.uk Limited (LCUK) 455,000 GBP for failing to treat its customers fairly when selling Payment Protection Insurance (PPI). The regulator found that LCUK did not have appropriate systems and... |
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19th October 2006 Some PPI sellers still not treating customers fairly says FSA report Some firms selling payment protection insurance (PPI) are still failing to treat their customers fairly, an FSA review has concluded. While a number of firms have improved their sales standards over the past year, visits to 40 firms show there are st... |
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18th October 2006 FSA outlines help for the young, families and workers across the UK Young people, families, university students and workers are all being successfully targeted by the FSA's National Strategy for Financial Capability to help them to manage their finances better.The findings from the Baseline Survey in March this year ... |
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17th October 2006 FSA censures firm for pension 'income withdrawal' failings The Financial Services Authority (FSA) today publicly censured GD Tancred Financial Services Limited (GDT) for not clearly explaining and documenting the risks of income withdrawal to customers with small pension pots (less than 100,000 GBP). Income ... |
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10th October 2006 FSA closes in on UK-based share scheme The Financial Services Authority (FSA) has obtained an interim injunction at the High Court against UK-based Treadstone Corporation Ltd and its director Mr Thedfred Lemont Shepherd because it believes they are operating unlawfully by promoting and se... |
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4th October 2006 More flexibility in unit pricing goes ahead The Financial Services Authority confirmed in a Policy Statement today that it will allow fund managers more flexibility to adopt single or dual pricing of units in authorised Collective Investment Schemes. Currently, investment companies with variab... |
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29th September 2006 FSA publishes feedback on regulation of personal pensions The Financial Services Authority (FSA) has today published a policy statement on how it will regulate all personal pensions including Self Invested Personal Pensions (SIPPs) from 6 April 2007. This builds on the existing regime for firms in this sect... |
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28th September 2006 Providers and distributors need to work together to treat customers fairly - says FSA Providers and distributors of financial products have differing but interlocking responsibilities for treating customers fairly (TCF) and need to work together to help avoid potential future detriment for consumers, according to a discussion paper is... |
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27th September 2006 Mortgage regulation: Moving in right direction on consumer benefits Consumers are actively shopping around for their mortgages and consumers who receive Key Facts documents from mortgage firms can understand the risks and features of the mortgages they take out.These are among the findings from the first stage of a r... |
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27th September 2006 SEC Chairman, Euronext regulators meet to discuss cooperation in the event of the NYSE Euronext combination The chair of the SEC and the Chairman's Committee of the Euronext regulators met in Lisbon today, in light of a potential combination between the NYSE Group, Inc. and Euronext N.V. into NYSE Euronext. They discussed the development of a possible fram... |
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22nd September 2006 Authorisation process for the new home finance activities The FSA today publishes details of the authorisation process for firms that need to apply to be regulated for the new home finance activities (Home Reversions and Islamic compliant Home Purchase Plans) . This follows the Government's announcement las... |
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22nd September 2006 FSA fines former chief executive for failings leading to client money rule breaches The Financial Services Authority (FSA) has today fined Paul Harrison, former Chief Executive of insurance broker Berry Birch & Noble Insurance Brokers (BBNIB) 17,500 GBP for failing to implement proper systems and controls to ensure that cus... |
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21st September 2006 FSA fines Langtons (IFA) Limited 63,000 GBP for serious systems and controls failings The Financial Services Authority has today fined Langtons (IFA) Limited 63,000 GBP for failing to properly apportion roles and responsibilities to its senior management and for not having systems in place to ensure that its advisers were trained... |
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20th September 2006 FSA warns of illegal motor insurance The Financial Services Authority is urging consumers that have bought motor insurance from a company called Double Easy Brokers Ltd (trading as Eeasybrokers) to arrange valid motor insurance cover immediately. This is because until recently, Double E... |
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11th September 2006 FSA fines Braemar 182,000 GBP for 'pensions unlocking' failings The Financial Services Authority (FSA) has fined Braemar Financial Planning Limited 182,000 GBP for systemic failings in its sales process for pensions unlocking. The failings resulted from advisers not taking reasonable steps to ensure that rec... |
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7th September 2006 FSA fines The Carphone Warehouse Limited 245,000 GBP for not treating its telesales insurance customers fairly The Financial Services Authority (FSA) has today fined The Carphone Warehouse Ltd 245,000 GBP for not treating its customers fairly following telephone sales of general insurance and for failing to inform the regulator in a timely manner of sign... |
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5th September 2006 The Focus of the Hedge Fund Manager Supervision Team - Andrew Shrimpton of the FSA discusses the issues. Following on from the success of theirseminar last year, CCL and Norton Rose will be holding its second seminar focusing on the regulatory issues which the Hedge Fund Industry face.Andrew Shrimpton (FSA - Head of Hedge Fund Manager Supervis... |
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5th September 2006 FSA fines mortgage firm 56,000 GBP for PPI sales failures The Financial Services Authority has today fined Regency Mortgage Corporation Limited (Regency) 56,000 GBP for failures relating to its sale of mortgage related Payment Protection Insurance (PPI) in the sub prime market. It is the first time the... |
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5th September 2006 FSA appoints senior advisor to Markets Division The Financial Services Authority has today appointed Bay Green, currently vice chairman of Dresdner Kleinwort, to its panel of senior industry experts. This panel consists of industry practitioners appointed by the FSA to share their experience and e... |
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4th September 2006 FSA bans Walsall Bridge Insurance for failing to insure consumers The Financial Services Authority (FSA) today stripped Walsall Bridge Insurance Consultants Limited of its permission to carry on regulated activities after it found the firm had failed to pass on received client premiums to insurers, leaving clients ... |
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31st August 2006 FSA to simplify approved persons regime The Financial Services Authority (FSA) has today issued a consultation paper outlining a new proposal to merge the customer functions in the approved persons regime in response to feedback from the industry. This feedback from retail and wholesale fi... |
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31st August 2006 Financial Services Authority confirm Lambeth Building Society merger with the Portman Building Society The Financial Services Authority today announced that it has confirmed the proposed transfer of the engagements of the Lambeth Building Society to the Portman Building Society. Copies of the FSA's written decision are available on the FSA website.The... |
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31st August 2006 New members appointed to Consumer Panel The FSA has today announced the appointment of five new members to the Financial Services Consumer Panel. The appointments of Kay Blair, Stephen Crampton and Lindsey Rogerson take effect from 1 September 2006, while Michael Chapman and Jenny Hamilton... |
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31st August 2006 Financial Services Authority confirm Lambeth Building Society merger with the Portman Building Society The Financial Services Authority today announced that it has confirmed the proposed transfer of the engagements of the Lambeth Building Society to the Portman Building Society. Copies of the FSA's written decision are available on the FSA website.The... |
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31st August 2006 New members appointed to Consumer Panel The FSA has today announced the appointment of five new members to the Financial Services Consumer Panel. The appointments of Kay Blair, Stephen Crampton and Lindsey Rogerson take effect from 1 September 2006, while Michael Chapman and Jenny Hamilton... |
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25th August 2006 FSA fines Friendly Society 55,000 GBP for financial promotions failings The Financial Services Authority (FSA) has today fined The Ancient Order of Foresters Friendly Society Limited (Foresters) 55,000 GBP for financial promotions failings including substandard television advertisements and direct offer packs which ... |
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24th August 2006 Court shuts UK firm for assisting overseas boiler rooms The High Court has placed Securetrade & Title Company Limited (STT) into liquidation after the company, based in East Sussex, assisted a number of unauthorised overseas firms, commonly known as boiler rooms, which were unlawfully promoting and se... |
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24th August 2006 FSA fines Kyte 250,000 GBP for client money and accounting failures The Financial Services Authority (FSA) today fined London based clearing firm, The Kyte Group Limited, 250,000 GBP for systems and controls failings resulting in inadequate client money protection and poor accounting systems.The FSA investigatio... |
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17th August 2006 FSA fines Hoodless Brennan 90,000 GBP for unacceptable sales practices and not treating customers fairly The Financial Services Authority has fined stockbrokers Hoodless Brennan Plc (Hoodless) for using unacceptable sales practices and failing to treat its customers fairly when selling shares in a company called Knowledge Technology Solutions Plc (KTS) ... |
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17th August 2006 FSA announces Information Systems contracts The Financial Services Authority (FSA) has signed a multi-year agreement with Capgemini, Tata Consultancy Services (TCS) and Xansa to work in partnership with the FSA to transform its Information Systems Division's capability.Darryl Salmons, IS Direc... |
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7th August 2006 FSA fines Merrill Lynch 150,000 GBP for transaction reporting failures The Financial Services Authority has today fined Merrill Lynch International 150,000 GBP for failing to accurately report certain transactions to the FSA and previously the Securities and Futures Authority. Accurate transaction reports are criti... |
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1st August 2006 FSA fines GLG Partners and Philippe Jabre 750,000 GBP each for market abuse The Financial Services Authority has today fined hedge fund manager GLG Partners LP (GLG) and Mr Philippe Jabre, a former managing director of the firm, 750,000 GBP each for market abuse and breaching FSA principles. This is the largest fine the... |
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31st July 2006 FSA consults on MiFID rules for firms and markets The Financial Services Authority (FSA) has today published a consultation paper on implementing the Markets in Financial Instruments Directive (MiFID) for FSA-regulated firms and markets.MiFID is designed to foster competition and a level-playing fie... |
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31st July 2006 New Director of Business Review and Audit Division Rosemary Hilary has been appointed Director of the Business Review and Audit Division (BRAD) at the Financial Services Authority. She will take up her appointment on 4 September. Ms Hilary, who is currently Head of the FSA's Risk Review Department, w... |
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28th July 2006 FSA to end audit requirements for small firms The Financial Services Authority (FSA) today announced there has been a positive response from the industry to its proposal to remove audit requirements from regulated small firms and Appointed Representatives (ARs). The project is part of the FSA's ... |
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25th July 2006 FSA censures director of mortgage broker for serious misconduct The Financial Services Authority (FSA) has today published a Statement of Misconduct against Mr Steven Leslie Davis for falling well below acceptable standards in the way that he carried out his duties as a director of his firm. His misconduct led to... |
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20th July 2006 FSA and APRA prohibit reinsurance specialist for five years The Financial Services Authority (FSA) and the Australian Prudential Regulation Authority (APRA) have today prohibited a reinsurance specialist, Mr John Byrne, for five years. Mr Byrne was involved in arranging and structuring a number of financial r... |
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19th July 2006 FSA sets deadline for firms falling behind with 'treating customers fairly' The Financial Services Authority (FSA) has today given firms that have failed to make satisfactory progress in integrating the 'Treating Customers Fairly' (TCF) principle into their business until March 2007 to demonstrate that they are taking the in... |
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19th July 2006 Lifetime Mortgage Sales and Advice: Improvements made, but further to go Despite improvements over the past year, firms still need to do more to improve the quality of their advice on lifetime mortgages, according to the Financial Services Authority. The second review of this market, designed to check progress since a sim... |
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14th July 2006 FSA bans former solicitor from doing any regulated activity The Financial Services Authority (FSA) has now banned former solicitor Allen Elliott1 from carrying out any function in relation to regulated activities in the financial services industry. The ban follows a decision made by the Financial Services and... |
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14th July 2006 FSA statement regarding Rosneft listing The Financial Services Authority (FSA) acting as the UK Listing Authority (UKLA) has, in accordance with the provisions of the Financial Services and Markets Act 2000, the Prospectus Rules and the relevant EU regulation, approved the prospectus submi... |
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11th July 2006 Financial Services Authority confirms Mercantile Building Society merger with Leeds Building Society The Financial Services Authority today announced that it has confirmed the proposed transfer of the engagements of the Mercantile Building Society to the Leeds Building Society. ... |
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5th July 2006 FSA publishes feedback on trading transparency in the UK secondary bond market The Financial Services Authority (FSA) has today published its feedback statement FS06/4 Trading Transparency in the UK Secondary Bond Markets - feedback on DP05/5. The discussion paper was primarily aimed at informing the FSA's position on the ... |
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29th June 2006 Survey finds teachers need more confidence to teach personal finance in schools Millions of school children to get help The Financial Services Authority (FSA) today published a Schools' Benchmark Survey showing that even though the majority of schools in the UK believe personal finance education is important, less than a third... |
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29th June 2006 Mortgage disclosure documents: quality is improving The quality of mortgage disclosure documentation has improved over the past year, the Financial Services Authority has found. The results of its latest review reveal that: The large mortgage lenders in the sample, who account for around three-qua... |
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29th June 2006 FSA publishes feedback on fund disclosures to retail clients The Financial Services Authority (FSA) has today published its policy statement PS06/5 Bundled Brokerage and Soft Commission Arrangements for Retail Investment Funds - feedback on CP05/13. The FSA proposed that an 'investors representative' shou... |
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28th June 2006 FSA reports progress on "better regulation" and publishes studies into costs and benefits of financial regulation The Financial Services Authority today publishes its Better Regulation Action Plan (BRAP) Progress Report, taking forward plans for reform of its rules first announced in December 2005. This report is accompanied by three pieces of independent resear... |
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28th June 2006 Lambeth and Portman Building Societies: merger confirmation hearing The Financial Services Authority today announced the arrangements for the hearing of the proposed transfer of the engagements of Lambeth Building Society to Portman Building Society. The confirmation hearing will be held at the Financial Services Aut... |
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27th June 2006 FSA fines Rainbow Homeloans Limited 35,000 GBP for systems and controls failings The Financial Services Authority (FSA) has fined Rainbow Homeloans Limited (RHL) 35,000 GBP for systems and controls failings which exposed around 1000 people to the risk of being sold unsuitable products.The FSA found that RHL's management had ... |
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26th June 2006 FSA publishes Annual Report for 2005/06 The report assesses the regulator's progress under each of its three broad aims: to promote efficient, orderly and fair financial markets, both wholesale and retail; to help the retail consumer for financial services obtain a fair deal; and ... |
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20th June 2006 FSA consults on rules to introduce Insurance Special Purpose Vehicles The Financial Services Authority (FSA) is today consulting on rules to introduce to the UK, a new fit-for-purpose regime for Insurance Special Purpose Vehicles (ISPVs). The proposals form part of a wider consultation on the implementation of the EU R... |
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19th June 2006 General insurance conduct of business review looks to fewer rules The Financial Services Authority today set out further details of its post-implementation review into the effectiveness of its general insurance conduct of business regime. The review is being conducted in line with the FSA's move towards more princi... |
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15th June 2006 FSA announces further work on the future of retail distribution The Financial Services Authority (FSA) announced yesterday plans to look further, in collaboration with the industry, at how the models of retail distribution in the UK may evolve, primarily focused on the financial advice sector. It wants to underst... |
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8th June 2006 FSA assures firms they will not be judged retrospectively The Financial Services Authority (FSA) today confirmed it will continue to judge firms' standards of product sales and financial advice by the standards and rules at the time of sale and not retrospectively. This policy will not be changed by the reg... |
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8th June 2006 Implications of ownership of a UK Recognised Investment Exchange by a US entity Callum McCarthy, Chairman of the Financial Services Authority, has made the following statement to encourage discussion of the potential longer term implications of any change of ownership of a UK Recognised Investment Exchange. "The FSA in dischargi... |
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6th June 2006 Typical boiler room victim loses 20,000 GBP warns FSA Boiler rooms prey on older, male, experienced investors London and South East most heavily targeted A quarter of respondents pursued by boiler room for more than six months People who fall victim to boiler room scams by purchasing virtually w... |
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5th June 2006 Mark Rothery becomes Chairman of the FSA Smaller Businesses Practitioner Panel The Financial Services Authority (FSA) has today appointed Mark Rothery as Chairman of the Smaller Businesses Practitioner Panel (the Panel). He succeeds Ruthven Gemmell who - having served a two year term as Chairman - stands down and assumes the ro... |
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1st June 2006 No change in Compensation Scheme and Ombudsman payment limits - FSA confirms The Financial Services Authority confirmed today that the compensation and eligibility limits for the Financial Services Compensation Scheme (FSCS) and for the compulsory jurisdiction of the Financial Ombudsman Service would remain at their existing ... |
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31st May 2006 FSA publishes final fees and levies 2006/07 and updates its Online Fee Calculator to help firms The Financial Services Authority (FSA) today published the final FSA fees and Financial Ombudsman Service (FOS) levies for 2006/07 for regulated firms.The FSA has finalised the 2006/07 fee rates at the same levels (within 1%) as those that were consu... |
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30th May 2006 Critical illness cover: Firms make progress but still need to do more to treat their customers fairly Firms selling critical illness cover (CIC) are making efforts to meet required standards. But they need to do more to show they are treating customers fairly and helping them to have a better understanding of the product.These are the main findings f... |
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12th May 2006 FSA brings curtain down on celebrity-endorsed betting syndicate The Financial Services Authority (FSA) has halted the operations of 147 Racing Limited (147) and Top Bet Placement Services (TBPS), an unauthorised betting syndicate that was at one time advertised as being endorsed by sports celebrities John Parrot ... |
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9th May 2006 Credit union chairman banned for wilful and persistent disregard for FSA rules The Financial Services Authority (FSA) has banned Dr Albert Alphonso Carlyle Waite from carrying out any regulated activity in respect of credit unions for a wilful and persistent disregard for FSA rules. The FSA's decision was confirmed by the Finan... |
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4th May 2006 FSA looks for better handling of client money by general insurance firms The Financial Services Authority will undertake a large scale review later this year into the handling of client money by general insurance intermediaries. This decision follows pilot work which showed a worrying level of failure by both wholesale an... |
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3rd May 2006 FSA to delete the annual reporting requirement on senior managers The Financial Services Authority announced today that firms will no longer have to notify the FSA each year of the roles and responsibilities of their FSA-approved senior managers. This move contributes to the commitment made by the FSA to reduce the... |
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3rd May 2006 Future funding of the Financial Ombudsman Service The Financial Services Authority and the Financial Ombudsman Service today outline, in a joint Discussion Paper, possible options for the future funding of the ombudsman service's compulsory jurisdiction. Currently more than 70% of the ombudsman serv... |
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28th April 2006 FSA fines firm 20,000 GBP for not seeking approval for individual The Financial Services Authority (FSA) has today imposed a penalty of 20,000 GBP on insurance intermediary Besso Limited ("Besso"), for failing to apply for approval of an employee who held a significant management role at the firm when it first... |
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27th April 2006 Home reversions and Islamic mortgages get new consumer protections The Financial Services Authority today set out its plans for the future regulation of Home Reversion plans (HRs) and Home Purchase plans (HPPs) also known as Islamic mortgages.HRs are a type of equity release product, involving sale and lease arrange... |
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20th April 2006 FSA to allow more flexibility in unit pricing The Financial Services Authority today set out proposals that will allow fund managers more flexibility to adopt single or dual pricing of units in authorised Collective Investment Schemes. Currently, investment companies with variable capital (ICVCs... |
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12th April 2006 FSA fines chief executive for providing misleading information The Financial Services Authority has today fined Paul Tebbutt, chief executive of financial advisers Millfield Partnership Limited (MPL) 35,000 GBP for providing misleading information to the FSA in connection with an application by MPL to ... |
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12th April 2006 Firms to benefit from new FSA 'personal handbook service' From today, financial firms will benefit from the launch of a new online 'personal handbook' service from the Financial Services Authority (FSA). This will allow any firm to build a 'personal handbook' containing only the rules and guidance relevant ... |
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12th April 2006 FSA and lenders in drive to cut mortgage fraud Mortgage lenders and the Financial Services Authority (FSA) have joined together to set up a streamlined reporting system designed to reduce the level of fraud involving loan applications handled through mortgage intermediaries.The initiative, which ... |
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11th April 2006 FSA fines Deutsche Bank 6.3million GBP and Mr David Maslen 350,000 GBP for market misconduct The Financial Services Authority (FSA) has today imposed a penalty of 6,363,643 GBP on Deutsche Bank AG (Deutsche). The penalty was levied for breaching FSA Principle 5, by failing to observe proper standards of market conduct, and Principle 2, by fa... |
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10th April 2006 Royal Liver Assurance Ltd fined 550,000 GBP for mis-selling with-profits savings policies 10 April 2006 The Financial Services Authority (FSA) has fined Royal Liver Assurance Limited (RLA) 550,000 GBP for mis-selling with-profits savings policies. The company sold the policies as general savings vehicles to significant numbers of its ol... |
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7th April 2006 FSA to consult on ending audit requirements for small firms The Financial Services Authority (FSA) has today issued a consultation paper outlining proposals to remove the statutory audit requirements under the Companies Act for small firms and Appointed Representatives (ARs). This is a further move in its ong... |
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4th April 2006 Tribunal upholds FSA case against solicitor The Financial Services and Markets Tribunal has upheld a Financial Services Authority (FSA) case against Allen Phillip Elliott after finding that he is not fit and proper to work in any part of the UK's regulated financial services industry. The Trib... |
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3rd April 2006 FSA proposes regime for SIPPs and other personal pensions The Financial Service Authority (FSA) has today published its consultation paper CP06/5 detailing how it will regulate all personal pensions, particularly Self-Invested Personal Pensions (SIPPs), from April 2007.This follows changes set out by the Tr... |
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30th March 2006 FSA consults on Listing Rule changes and Transparency Directive The Financial Services Authority (FSA) has today published a consultation paper on proposed changes to the Listing Rules (LR) for investment entities and on proposed changes to the Listing Rules and Disclosure Rules to implement the Transparency Dire... |
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30th March 2006 Firms must improve customer information, says FSA The Financial Services Authority (FSA) has told investment adviser firms that many of them are not giving customers the right information about their services at the right time. Recent research by the FSA found that over half of firms surveyed are fa... |
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27th March 2006 Urgent need to help the young, says FSA Increasing the financial skills of the UK's 18-40 year olds is essential if they are to meet the greater demands placed on them and avoid problems in the future, the Financial Services Authority (FSA) said today as it launched a programme to help mor... |
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24th March 2006 FSA update on investment product disclosure The Financial Services Authority today issued an update on its proposals to reform the product disclosure regime for investment products.The FSA had planned to issue a Consultation Paper in March, building on the responses to CP170 and CP05/12, setti... |
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23rd March 2006 FSA and OFT to collaborate on improving regulation The Financial Services Authority (FSA) and the Office of Fair Trading (OFT) are to produce an action plan, published by the end of April, setting out how they believe they can deliver benefits to consumers and firms by: working more effectively t... |
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23rd March 2006 FSA publishes feedback on hedge fund risks The Financial Services Authority (FSA) has today published its feedback to Discussion Paper 05/4 Hedge Funds: A Discussion of Risk and Regulatory Engagement, which looked at the impact of hedge funds on the UK's wholesale market.The FSA continues to ... |
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23rd March 2006 FSA to consider extending range of retail investment products The Financial Services Authority (FSA) is to consult next year on widening the range of funds that can be marketed to retail investors to include new authorised funds of hedge funds. This would enable retail investors, who are already gaining access ... |
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22nd March 2006 Memorandum of Understanding for Financial Stability HM Treasury, the Bank of England and the Financial Services Authority have today jointly published an updated Memorandum of Understanding for Financial Stability.A framework for co-operation between the three authorities in this area was first set ou... |
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21st March 2006 FSA proposes reforms to funding of Compensation Scheme The Financial Services Authority (FSA) today outlined four possible options for the future funding of the Financial Services Compensation Scheme (FSCS), following concerns raised about the fairness, proportionality and sustainability of the present f... |
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20th March 2006 FSA announces next steps on contract certainty in the insurance market The Financial Services Authority (FSA) has put on hold its work to develop rules to bring about contract certainty in the insurance market. Speaking at the FSA's Insurance Sector Conference today, John Tiner FSA CEO, acknowledged the progress made by... |
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17th March 2006 FSA publishes measure of scale of market abuse The Financial Services Authority (FSA) is publishing a method of measuring the cleanliness of UK financial markets. The methodology measures market cleanliness by looking at the extent to which share prices move ahead of the regulatory announcements ... |
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17th March 2006 Claims handling: Positive picture from general insurers Most general insurance firms are handling claims well, a review carried out by the Financial Services Authority has found.The review also identified some areas for firms to consider in their approach to claims handling and the FSA is today publishing... |
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16th March 2006 FSA fines Capita Financial Administrators Limited ?300,000 in first anti-fraud controls case The FSA has fined Capita Financial Administrators Limited (CFA), a third party administrator of collective investment schemes, £300,000 for poor anti-fraud controls over client identities and accounts.The FSA found that CFA had inadequately consider... |
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14th March 2006 FSA signs regulatory cooperation agreement with the SEC The Financial Services Authority (FSA) has signed a Memorandum of Understanding (MoU) with the United States' Securities and Exchange Commission (SEC) to strengthen cooperation in oversight and supervision of global firms. The arrangement will suppor... |
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7th March 2006 FSA to simplify training and competence rules The Financial Services Authority confirmed today that its detailed rules on training and competence (T & C) will not apply from next year to those individuals in financial firms who deal only with wholesale or non-private customers. The change fo... |
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2nd March 2006 FSA bars nine small firms from doing regulated business The Financial Services Authority (FSA) has barred nine small firms from carrying out regulated business after they failed to provide any data to enable the regulator to monitor their activities. Firms supply this information in their compulsory Retai... |
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28th February 2006 FSA publishes second consultation paper on Capital Requirements Directive The Financial Services Authority (FSA) today sets out its proposals for implementing the EU Capital Requirements Directive (CRD). 'Strengthening Capital Standards 2' is the FSA's major consultation on this subject and includes the full set of draft H... |
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27th February 2006 Fraud attacks force firms to improve risk management The FSA's Fraud Governance report, published today, found that the larger financial firms, driven by mounting fraud losses, have taken steps to strengthen their fraud management capabilities. But these improvements are relatively recent and firms can... |
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21st February 2006 FSA cancels insurance firm's permission to trade The Financial Services Authority (FSA) has cancelled Xsavi Limited's (Xsavi) permission for failing to conduct its business in compliance with proper standards and for having inadequate financial resources. This is the first enforcement cancellation ... |
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16th February 2006 FSA bars financial adviser The Financial Services Authority today published a Final Notice prohibiting Jonathan Townrow from performing any function related to regulated activities requiring authorisation under the Financial Services and Markets Act. The FSA took the action in... |
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8th February 2006 FSA launches e-learning course to help small firms The Financial Services Authority (FSA) today launched an e-learning package for small firms to help them work out what financial resources they need to meet regulatory requirements. Firms need to keep adequate financial resources at all times and thi... |
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7th February 2006 Sex, lies and money. Research reveals finance is the new taboo Three quarters (74%) of British couples find money the hardest subject to talk about with their partners a new survey by the Financial Services Authority (FSA), the UK's financial watchdog, revealed today. Plus a third would rather discuss sex or the... |
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2nd February 2006 FSA sets out priorities and budget for 2006/07 PrioritiesThe planned priorities for the FSA in 2006/07 are to: Perform firm and market supervision broadly in line with its current risk appetite. Central to this will be improvements to the "ARROW" process, the way in which the FSA assesses risk... |
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27th January 2006 FSA to streamline money laundering rules for firms The Financial Services Authority confirmed today in a Policy Statement that it will press ahead with streamlining its anti-money laundering requirements for firms as part of its drive to simplify the FSA Handbook and remove rules and guidance that ar... |
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25th January 2006 FSA's 2006 Financial Risk Outlook emphasises the need for stress testing The Financial Services Authority has today announced the retirement of Oliver Page, director of major retail groups and financial stability sector leader, the appointment of John Murray as communications director, and some moves amongst existing dire... |
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25th January 2006 Director appointments The Financial Services Authority has today announced the retirement of Oliver Page, director of major retail groups and financial stability sector leader, the appointment of John Murray as communications director, and some moves amongst existing dire... |
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23rd January 2006 Banks encouraged to engage consumers in tackling online fraud The Financial Services Authority has today published its Financial Risk Outlook 2006. It highlights the risks that the FSA believes will be most important in the next eighteen months and how these could affect its ability to achieve its statutory obj... |
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16th January 2006 FSA urges consumers to take stock now on their pensions The FSA's Financial Risk Outlook 2006, to be published on Wednesday, will encourage banks to further engage consumers in their fight to combat the rise in online banking fraud.The Financial Risk Outlook highlights the risks the FSA believes will be i... |
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12th January 2006 Guardian Assurance and Guardian Linked Life Assurance fined ?750,000 for mishandling mortgage endowment complaints The UK's financial watchdog, the Financial Services Authority (FSA), is urging consumers to review their pensions arrangements and ensure they understand what the changes taking effect from April 6 2006 (A-day) could mean for them.To help consumers u... |
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11th January 2006 Consumers urged to take the 'debt test' The Financial Services Authority (FSA) has fined Guardian Assurance plc and Guardian Linked Life Assurance Limited (Guardian) £750,000 for serious systemic flaws in its mortgage endowment complaints handling procedures and for not drawing the proble... |
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6th January 2006 FSA stops IFA from doing regulated business The Financial Services Authority (FSA) has expelled independent financial adviser Theophilus Folagbade Sonaike, trading as F T Insurance Services, from being authorised to carry out regulated activities.The FSA has taken action after being informed i... |
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21st December 2005 FSA fines finance director £25,000 for market abuse The Financial Services Authority (FSA) has today fined Jonathan Malins £25,000 for committing market abuse by misusing relevant information to buy shares in Cambrian Mining (Cambrian), an AIM company. Mr Malins, the finance director of Cambrian, bou... |
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16th December 2005 Community and voluntary organisations benefit from FSA's Innovation Fund awards A money awareness pack for cancer carers and budgeting advice for people with learning disabilities are among the 12 projects announced today as winners of the newly created Financial Services Authority's (FSA) £200,000 Innovation Fund.The 12 not fo... |
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16th December 2005 FSA calls for networks to improve control over Appointed Representatives The Financial Services Authority today called for an improvement by retail networks in their supervision of Appointed Representatives (ARs).This follows an FSA survey which found a number of potential shortcomings in areas such as the level of compli... |
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15th December 2005 FSA proposes "no change" in compensation and Ombudsman payment limits - but consults on specific issues The Financial Services Authority today published the findings of its review of the compensation and eligibility limits for the Financial Services Compensation Scheme (FSCS) for the compulsory jurisdiction of the Financial Ombudsman Service (FOS). In ... |
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14th December 2005 Tripartite Authorities assess the resilience of the UK financial sector The Tripartite Authorities (HM Treasury, the FSA and the Bank of England) are today publishing the results of a detailed survey of the UK financial sector's ability to cope with major operational disruption, such as a terrorist attack or natural disa... |
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14th December 2005 FSA fines HSBC £100,000 for transaction reporting breaches The Financial Services Authority (FSA) has today fined HSBC Bank plc (HSBC) £100,000 for failing to take reasonable steps to ensure the accuracy of transaction reports it made to the FSA from December 2002 until August 2005. In July 2005 the FSA r... |
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9th December 2005 FSA censures Eurodis for listing rules breach The Financial Services Authority has today censured Eurodis Electron plc (Eurodis) for breaching the Listing Rules in November and December 2003. The FSA found that Eurodis breached the Listing Rules by failing to notify the market of a change in the... |
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9th December 2005 FSA finds small IFA firms are handling mortgage endowment complaints well but some issues remain The Financial Services Authority (FSA) has found no evidence that small IFA firms are 'fobbing off' mortgage endowment complaints, but did discover some issues with complaints handling practices that firms must address.Following concerns raised in in... |
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9th December 2005 FSA appoints new Compensation Scheme Board chairman The Financial Services Authority today announced the appointment of David Hall as the new Chairman of the Board of the Financial Services Compensation Scheme (FSCS) for a fixed period to 31 March 2009. He will take up his appointment on 1 March 2006,... |
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8th December 2005 FSA keeps 600 'rogue' M&GI firms out of the industry The Financial Services Authority (FSA) announced today that it has kept more than 600 unsuitable mortgage and general insurance (M&GI) firms out of the industry since the start of regulation.M&GI firms must apply for authorisation in order to... |
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7th December 2005 New practice will better protect consumers from cheque fraud The Financial Services Authority (FSA) has agreed with the British Bankers' Association (BBA) and Building Societies Association (BSA) changes to industry practice that will help reduce the risk that cheques made payable just to a bank or building so... |
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2nd December 2005 Reinsurance brokers agree not to undertake any regulated activity for two years The Financial Services Authority has obtained undertakings from two former London market reinsurance brokers that they will not undertake any function in relation to any regulated activity for two years. Whilst working for Benfield Limited the indivi... |
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2nd December 2005 Financial Services Authority sets out road map to better regulation The Financial Services Authority (FSA) today published plans for further moving the balance of financial services regulation towards high level principles rather than detailed rules and guidance.In its Better Regulation Action Plan the regulator summ... |
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1st December 2005 FSA imposes a public censure on Berkeley Independent Advisers Limited The Financial Services Authority ("FSA") today imposed a public censure on Berkeley Independent Advisers Limited ("BIA") for system and control breaches. These breaches resulted in a failure to monitor adequately a sales strategy which advocated the ... |
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28th November 2005 FSA releases sector briefing on closed with-profits funds The Financial Services Authority has today published an insurance sector briefing which provides an update on the regulation of closed with-profits funds. It also lists for the first time details of firms that have closed with-profits funds. David St... |
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25th November 2005 Solicitor found liable for assisting a boiler room share scam A solicitor and his law firm must pay £360,000 to 63 investors involved in a boiler room scam the Court of Appeal confirmed today. The Financial Services Authority (FSA) will now begin the process of enforcing the payments, including establishing wh... |
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22nd November 2005 FSA warns industry to address VCT promotions failings The Financial Services Authority (FSA) has found many shortcomings in the web-based financial promotions of 11 intermediaries that market Venture Capital Trusts (VCTs). The regulator is raising these concerns with the firms involved and will consider... |
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21st November 2005 FSA urges firms to begin planning for MiFID The FSA is encouraging senior management at regulated firms to begin preparing for the implementation of the European Union's Markets in Financial Instruments Directive (MiFID), which is likely to come into force on 1 November 2007. The Directive wil... |
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17th November 2005 FSA fines UBS £100,000 for transaction reporting breaches The Financial Services Authority (FSA) has today fined UBS AG (UBS) £100,000 for failures in its systems for the reporting of transactions in financial instruments to the FSA and, previously, the Securities and Futures Authority (SFA), from May 1999... |
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15th November 2005 General insurance perimeter presents positive picture The Financial Services Authority (FSA) today reported a positive outcome to its recent nationwide investigation into the level of unauthorised general insurance business being conducted following the start of general insurance regulation in January 2... |
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14th November 2005 FSA finds improvements from lenders but mixed results for brokers in self-certification mortgages Lenders responding to messages from the FSA and strengthening systems and controls on self-certification mortgages No systematic fraud found by brokers relating to income inflation Significant failings found relating to affordability and suitab... |
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11th November 2005 Former AIT directors ordered to compensate investors Carl Rigby, 43, the former Chairman and Chief Executive of software firm AIT, was ordered today at Southwark Crown Court to pay £208,796 in compensation to investors, £381,273 by way of confiscation of assets and £250,000 towards litigation costs ... |
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10th November 2005 Kings fined £60,000 for financial promotions failings The Financial Services Authority (FSA) has fined Maidstone-based independent financial adviser firm Kings £60,000 for approving misleading financial promotions and for related systems and controls breaches. The promotions were issued by an unregul... |