FSA decides to ban and fine hedge fund CEO Alberto Micalizzi £3 million – Financial Services Authority

Posted May 29th, 2012 in disqualification, financial regulation, fines, press releases by tracey

“The Financial Services Authority (FSA) has today published a decision notice indicating that it has decided to fine Alberto Micalizzi £3 million and ban him from performing any role in regulated financial services for not being fit and proper. This is the FSA’s largest fine for an individual in a non market abuse case.”

Full press release

Financial Services Authority, 29th May 2012

Source: www.fsa.gov.uk

Banks must “prominently display” what compensation arrangements apply to deposits from August – OUT-LAW.com

Posted May 29th, 2012 in banking, compensation, financial regulation, news, notification by tracey

“All banks, building societies and credit unions will have to ‘prominently display’ notices explaining what compensation arrangements apply to customer deposits, banking regulator the Financial Services Authority (FSA) has announced.”

Full story

OUT-LAW.com, 29th May 2012

Source: www.out-law.com

The FSA’s Approved Persons Regime and the Disciplinary and Dismissal Flashpoints – 11 KBW

Posted May 28th, 2012 in disciplinary procedures, dismissal, financial regulation, news by sally

The FSA’s Approved Persons Regime and the Disciplinary and Dismissal Flashpoints (PDF)

11 KBW, 22nd May 2012

Source: www.11kbw.com

Bootes and others v Ceart Risk Services Ltd – WLR Daily

Posted May 9th, 2012 in administrators, financial regulation, insolvency, law reports by sally

Bootes and others v Ceart Risk Services Ltd [2012] EWHC 1178 (Ch); [2012] WLR (D) 136

“A failure to comply with section 362A of the Financial Services and Markets Act 2000 in the appointment of administrators did not necessarily invalidate that appointment irreparably.”

WLR Daily, 25th April 2012

Source: www.iclr.co.uk

New financial rules for football in England could lead to short-term increase in insolvencies of clubs, expert says – OUT-LAW.com

Posted April 30th, 2012 in financial regulation, fines, insolvency, news, sport by sally

“More football clubs in England may go into administration in the next few years if football authorities elect to fine clubs for spending beyond their means, a sports law expert has said.”

Full story

OUT-LAW.com, 27th April 2012

Source: www.out-law.com

FSA “did not establish misconduct” from alleged CEO compliance failures, tribunal says – OUT-LAW.com

Posted April 26th, 2012 in appeals, financial regulation, fines, news, tribunals by sally

“The financial services regulator ‘did not establish its case’ that the former chief executive of a large investment bank had committed misconduct through his alleged failure to adequately supervise compliance issues.”

Full story

OUT-LAW.com, 26th April 2012

Source: www.out-law.com

Names of staff members who dealt with complaints are not necessarily personal data, Tribunal says – OUT-LAW.com

“The names of three junior members of staff who had handled complaints made to the financial services regulator should have been disclosed as part of a freedom of information request as disclosure ‘did not adversely affect their privacy’, a tribunal has ruled.”

Full story

OUT-LAW.com, 18th April 2012

Source: www.out-law.com

Banks failing to carry out anti-bribery measures, says FSA – The Guardian

Posted March 30th, 2012 in banking, bribery, financial regulation, news by tracey

“The City watchdog has warned that many banks are failing to provide proper controls to prevent bribery and corruption despite the high profile introduction of the Bribery Act last year.”

Full story

The Guardian, 29th March 2012

Source: www.guardian.co.uk

Credit Suisse salesman fined £210,000 by FSA – The Guardian

Posted March 14th, 2012 in banking, confidentiality, financial regulation, fines, news by sally

“A senior salesman at Credit Suisse has been fined £210,000 by the Financial Services Authority for playing a guessing game with clients to enable them to identify private information about a forthcoming bond issue.”

Full story

The Guardian, 13th March 2012

Source: www.guardian.co.uk

Investors launch legal action against RBS – Daily Telegraph

Posted March 13th, 2012 in banking, financial regulation, news, shareholders by sally

“A group of institutional and private shareholders has launched a multi-billion pound legal claim against the Royal Bank of Scotland (RBS), its former chief executive Fred Goodwin and 18 directors and non-executive directors.”

Full story

Daily Telegraph, 12th March 2012

Source: www.telegraph.co.uk

Taxpayer owned Bank of Scotland escapes fine over “serious misconduct” during financial crisis – OUT-LAW.com

Posted March 13th, 2012 in banking, financial regulation, fines, news by sally

“The corporate arm of the Bank of Scotland was guilty of ‘very serious misconduct’ in the way it loaned money to businesses which contributed to its need to be bailed out by the Government, the financial services regulator has confirmed.”

Full story

OUT-LAW.com, 12th March 2012

Source: www.out-law.com

Call for tighter controls on payday lenders – The Guardian

Posted March 7th, 2012 in consumer credit, debts, financial regulation, loans, news by sally

“Payday lenders should be forced to limit the rolling over of loans, stop allowing customers to switch from one lender to another, and to share information about their customers with other lenders, the business, innovation and skills committee has recommended.”

Full story

The Guardian, 7th March 2012

Source: www.guardian.co.uk

Lehman Brothers International (Europe) (in Administration) v CRC Credit Fund Ltd and Others (Financial Services Authority intervening) – WLR Daily

Posted March 2nd, 2012 in client accounts, financial regulation, insolvency, law reports, trusts by tracey

Lehman Brothers International (Europe) (in Administration) v CRC Credit Fund Ltd and Others (Financial Services Authority intervening): [2012] UKSC 6: [2012] WLR (D)  53

“The ‘client money pool’ to be distributed among former clients of Lehman Brothers’ London affiliate was not limited to money which had been placed in segregated client accounts, as required by the Financial Services Authority, but extended to identifiable client money which the company had failed to segregate and had retained in its own house accounts. The pool was to be distributed rateably among all clients who had a contractual entitlement to have money segregated and not just those in whose favour segregation had actually occurred.”

WLR Daily, 29th February 2012

Source: www.iclr.co.uk

‘Liquidity swaps’ beneficial in moderation, City regulator says – OUT-LAW.com

Posted March 2nd, 2012 in banking, financial regulation, insurance, news by tracey

“Insurers and banks can legitimately trade liquid and illiquid assets providing it is done on a ‘sensible scale,’ the City watchdog has said.”

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OUT-LAW.com, 2nd March 2012

Source: www.out-law.com

CPP shares suspended on stock exchange – The Guardian

Posted February 21st, 2012 in banking, consumer protection, financial regulation, insurance, news by tracey

“Major banks could become embroiled in another mis-selling scandal after shares in CPP, the embattled credit card insurer, were suspended on the London Stock Exchange after a Financial Services Authority investigation.”

Full story

The Guardian, 20th February 2012

Source: www.guardian.co.uk

Santander fined £1.5m over FSCS cover confusion – The Guardian

Posted February 21st, 2012 in banking, financial regulation, fines, news by tracey

“Santander has been fined £1.5m by the City regulator for failing to inform customers that stock market-linked bonds they were buying were not covered by the Financial Services Compensation Scheme (FSCS) if the bank went bust.”

Full story

The Guardian, 20th February 2012

Source: www.guardian.co.uk

FSA issues guidance on how businesses can avoid using unfair contract terms – OUT-LAW.com

Posted February 1st, 2012 in financial regulation, news, unfair contract terms by sally

Businesses are using consumer contracts that give them too much leeway to unfairly change the terms of those contracts, the Financial Services Authority (FSA) has said.

Full story

OUT-LAW.com, 1st February 2012

Source: www.out-law.com

Banker banned from City for obtaining £1.4m dishonestly to cover debts – The Guardian

Posted January 31st, 2012 in banking, disciplinary procedures, financial regulation, fines, news by sally

“One of the most senior figures in the banking industry, Ravi Sinha, who once fronted a bid for Northern Rock, has been banned from working in the City and fined £2.9m by the Financial Services Authority after dishonestly obtaining millions of pounds to cover his debts.”

Full story

The Guardian, 31st January 2012

Source: www.guardian.co.uk

Direct Line and Churchill fined for file tampering – BBC News

Posted January 20th, 2012 in complaints, data protection, financial regulation, insurance, news by tracey

“Insurance firms Direct Line and Churchill – both owned by RBS – have been fined £2.17m for tampering with customer complaint files before submitting them to the Financial Services Authority (FSA).”

Full story

BBC News, 18th January 2012

Source: www.bbc.co.uk

Insurer fined £2.8m by FSA for sales standards – BBC News

Posted December 19th, 2011 in financial regulation, fines, insurance, news by tracey

“An insurer has been fined £2.8m by the City watchdog for a ‘high-risk’ system of pay for its sales agents, among other faults.”

Full story

BBC News, 19th December 2011

Source: www.bbc.co.uk