Financial firms may pay extra for rudeness, warns Ombudsman – OUT-LAW.com

Posted August 13th, 2008 in compensation, financial regulation, financial services ombudsman, news by sally

“Delays, rudeness and poor claims handling are grounds for ordering financial services firms to compensate customers, the Financial Ombudsman Service (FOS) has said. Payments can be ordered in addition to other remedies.”

Full story

OUT-LAW.com, 12th August 2008

Source: www.out-law.com

Financial Services Compensation Scheme Ltd v Abbey National Treasury Services plc (Financial Services Authority intervening) – WLR Daily

Posted August 4th, 2008 in assignment, financial regulation, law reports, third parties by sally

Financial Services Compensation Scheme Ltd v Abbey National Treasury Services plc (Financial Services Authority intervening) [2008] EWHC 1897 (Ch); [2008] WLR (D) 277

“The Financial Services Authority had power under the Financial Services and Markets Act 2000 to include rules in the financial services compensation scheme which provided for the assignment of third party claims.”

WLR Daily, 1st August 2008

Source: www.lawreports.co.uk

Please note once a case has been fully reported in one of the ICLR series the corresponding WLR Daily summary is removed.

FSA launches third insider trading case – The Times

Posted July 28th, 2008 in financial regulation, insider dealing, news by sally

“The financial watchdog has continued its crackdown on market manipulation with another prosecution.”

Full story

The Times, 28th July 2008

Source: www.timesonline.co.uk

FSA fines Winterflood £4m over market abuse – The Times

Posted July 18th, 2008 in financial regulation, news by sally

“The Financial Services Authority has provisionally fined Winterflood Securities £4 million, the biggest penalty for market abuse imposed on a regulated financial firm, it emerged yesterday.”

Full story

The Times, 18th July 2008

Source: www.timesonline.co.uk

The last-minute surprise that is ‘maintaining consumer confidence’ – The Times

Posted June 26th, 2008 in financial regulation, special report by sally

“Proper consultation is the rock upon which good regulation is founded. And for the Financial Services Authority, consultation is in its DNA. So when it does the unthinkable and drops a bombshell without warning or discussion — as last week with the announcement of the Short Selling Instrument — people are bound to be left shellshocked and confused, especially if they are lawyers under pressure from clients to advise on what needs to be done.”

Full story

The Times, 26th June 2008

Source: www.timesonline.co.uk

City attacks FSA over curbs on short-sellers – The Times

Posted June 16th, 2008 in financial regulation, news by sally

“The Financial Services Authority (FSA), the City watchdog, was attacked across the City today as it unveiled draconian new rules to force short sellers to disclose their positions in companies undertaking a rights issue.”

Full story

The Times, 13th June 2008

Source: www.timesonline.co.uk

Woolworths hit with £350,000 market disclosure fine – The Times

Posted June 12th, 2008 in disclosure, financial regulation, news by sally

“Woolworths, the UK retailer, has been fined £350,000 by the Financial Services Authority (FSA) for taking too long to disclose sensitive information to the stock market.”

Full story

The Times, 12th June 2008

Source: www.timesonline.co.uk

High court shuts landbanking firm – The Guardian

“An illegal landbanking scheme which sold plots of land to investors with the promise of big profits has had its assets frozen following action by the City watchdog.”

Full story

The Guardian, 4th June 2008

Source: www.guardian.co.uk

Thinc Group financial advisers fined record £900,000 by FSA – The Times

Posted May 16th, 2008 in financial regulation, fines, mortgages, news by sally

“The Financial Services Authority (FSA) has levied a record £900,000 fine on one of the biggest independent financial adviser (IFA) groups for serious failures in selling sub-prime mortgages.”

Full story

The Times, 16th May 2008

Source: www.timesonline.co.uk

Comparison sites warned over misleading quotes – The Guardian

Posted May 9th, 2008 in consumer protection, financial regulation, insurance, internet, news by sally

“The Financial Services Authority has warned insurance comparison sites that they must treat customers fairly and give correct information about quotes listed or risk a regulatory crackdown if they fail to provide consumers ‘with clear, fair and not misleading’ information.”

Full story

The Guardian, 9th May 2008

Source: www.guardian.co.uk

Financial Services Authority threatens more trials for insider trades – The Times

Posted April 30th, 2008 in financial regulation, insider dealing, news by sally

“The City watchdog threatened yesterday to step up criminal prosecutions and to increase fines for market abuse after more than a quarter of last year’s takeovers showed signs of insider trading.”

Full story

The Times, 30th April 2008

Source: www.timesonline.co.uk

Credit crunch fallout could drag on for years, lawyers warn – The Times

Posted March 31st, 2008 in banking, financial regulation, news by sally

“Lawyers across the City have been sifting through traders’ e-mails and listening to recordings of their phone conversations in an attempt to piece together thousands of financial transactions.”

Full story

The Times, 31st March 2008

Source: www.timesonline.co.uk

Watchdog admits failure over Rock – BBC News

Posted March 27th, 2008 in banking, financial regulation, news by sally

“The UK financial watchdog, the Financial Services Authority (FSA) has admitted it failed to regulate Northern Rock adequately.”

Full story

BBC News, 26th March 2008

Source: www.bbc.co.uk

ECJ tax ruling threatens London stock markets – The Times

Posted March 17th, 2008 in EC law, financial regulation, news, VAT by sally

“London’s position as a leading capital markets centre is under threat following a European court ruling that will increase the cost of raising money on the London Stock Exchange.”

Full story

The Times, 14th March 2008

Source: www.timesonline.co.uk

FSA drops plan to force banks to inform on clients – The Times

Posted March 10th, 2008 in banking, financial regulation, news by sally

” The Financial Services Authority (FSA) has dropped a plan to force investment banks to inform on companies they brought to market long after the initial flotation was completed, the regulator confirmed today.”

Full story

The Times, 6th March 2008

Source: www.timesonline.co.uk

City traders will be forced to record calls – OUT-LAW.com

Posted March 5th, 2008 in financial regulation, news, telecommunications by sally

“Traders in financial markets will have to record phone transactions and keep the recordings for six months, financial regulator the Financial Services Authority (FSA) has ordered.”

Full story

OUT-LAW.com, 4th March 2008

Source: www.out-law.com

Rogue stockbroker William Radclyffe jailed for 15 months – The Times

Posted February 14th, 2008 in financial regulation, news, theft by sally

“An unauthorised stockbroker who stole more than £350,000 from his family and friends has been jailed for 15 months after a rare criminal prosecution by the Financial Services Authority (FSA).”

Full story

The Times, 13th February 2008

Source: www.timesonline.co.uk

FSA fines and bans Mohammed Suba Miah over high-risk sales – The Times

Posted February 12th, 2008 in financial regulation, news by sally

“The Financial Services Authority (FSA) has for the first time both fined and banned a stockbroker after he was found to have dishonestly sold high-risk shares to customers.”

Full story

The Times, 11th February 2008
Source: www.timesonline.co.uk

Treasury launches consultation on the UK market abuse regime – HM Treasury

Posted February 8th, 2008 in consultations, financial regulation by sally

“The Treasury is today launching a consultation on the UK Market Abuse Regime. The consultation is specifically focused on where the UK regime imposes additional requirements to the EU’s 2003 Market Abuse Directive.”

Full consultation

HM Treasury, 7th February 2007

Source: www.hm-treasury.gov.uk

City watchdog pursues insider dealer case – The Times

Posted January 23rd, 2008 in financial regulation, insider dealing, news by sally

“The Financial Services Authority (FSA) has begun its first criminal prosecution against a suspected insider dealer, bringing charges against the former general counsel at TTP Communications, the wireless technology company.”

Full story

The Times, 22nd January 2008

Source: www.timesonline.co.uk