“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).”
BBC News, 18th January 2012
Source: www.bbc.co.uk
“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.”
BBC News, 19th December 2011
Source: www.bbc.co.uk
“New rules to stop a resurgence in risky mortgage lending are likely to be imposed in 2013 by the Financial Services Authority (FSA).”
BBC News, 19th December 2011
Source: www.bbc.co.uk
“The UK’s financial regulator will be highly critical of its own role in its report into the circumstances surrounding the collapse of the Royal Bank of Scotland, the BBC has learned.”
BBC News, 11th December 2011
Source: www.bbc.co.uk
“Companies that provide expensive, short-term loans to desperate borrowers face tougher regulation by the government.”
The Guardian, 7th December 2011
Source: www.guardian.co.uk
“Investment banks and financial traders in the UK must now record the mobile phone conversations of their staff following the closure of a regulatory loophole.”
OUT-LAW.com, 17th November 2011
Source: www.out-law.com
“The Government will introduce proposals next year to regulate the banking-industry body that runs the UK’s payments system, it has said.”
OUT-LAW.com, 14th November 2011
Source: www.out-law.com
“The Financial Services Authority has been urged to review its operating procedures after it was found to have acted unlawfully in its use of legally privileged material during an enforcement investigation.”
Law Society’s Gazette, 20th October 2011
Source: www.lawgazette.co.uk
“When obtaining an injunction the Financial Services Authority should not normally be required to give an undertaking in damages to third parties, beyond an undertaking to cover the costs incurred in complying with the injunction.”
WLR Daily, 18th october 2011
Source: www.iclr.co.uk
“The Financial Services Authority and its Swiss counterpart have ordered a ‘comprehensive, independent investigation’ into the events surrounding trading losses at the bank’s London operations.”
Daily Telegraph, 17th September 2011
Source: www.telegraph.co.uk
“Three men have been jailed at Southwark Crown Court for a total of 19 years in jail for a £27.5m boiler room fraud.”
BBC News, 22nd August 2011
Source: www.bbc.co.uk
“Willis Limited carpeted by the Financial Services Authority for failing sufficiently to monitor payments to overseas third parties.”
The Guardian, 21st July 2011
Source: www.guardian.co.uk
“Financial regulators must make sure that consumer complaints are dealt with more quickly according to the body that oversees them. They should intervene earlier in potential disputes, the chief ombudsman of the Financial Ombudsman Service (FOS) has said.”
OUT-LAW.com, 30th June 2011
Source: www.out-law.com
“The City of London is showing brazen disregard for rules to stop money laundering and is welcoming with open arms some of the world’s most unsavoury political leaders and their cronies, according to a damning report by the Financial Services Authority.”
The Guardian, 22nd June 2011
Source: www.guardian.co.uk
“The Financial Services Authority has secured its first criminal conviction for a ‘boiler room’ fraud after David Mason was sentenced to two years in prison and disqualified from being a director for six years.”
The Guardian, 14th June 2011
Source: www.guardian.co.uk
“The Financial Services Authority has found that 19 comparison websites are treating customers unfairly after flouting rules.”
Daily Telegraph, 9th June 2011
Source: www.telegraph.co.uk
“The Financial Services Authority was not contrained by the existence of statutory powers in section 404 of the Financial Services and Markets Act 2000 from using other powers to deal with what it perceived as the widespread mis-selling of payment protection insurance (PPI) policies by banks. Neither the language of section 404 itself nor its role as part of the overall regulatory framework could warrant the implication in it of a restriction on all other powers merely because the circumstances warranting the operation of a section 404 scheme were satisfied.”
WLR Daily, 20th April 2011
Source: www.iclr.co.uk
Please note that once a case has been fully reported in one of the ICLR series the corresponding WLR Daily summary is removed.
“The House of Lords has recommended that Britain’s competition authorities investigate the world’s ‘Big Four’ auditing firms who failed to warn regulators about banks before the financial crash.”
Daily Telegraph 30th March 2011
Source: www.telegraph.co.uk
“A solicitor involved in a ‘land banking’ scheme which cost investors their life savings was struck off by the Solicitors Disciplinary Tribunal last week.”
Law Society’s Gazette. 10th March 2011
Source: www.lawgazette.co.uk
“Home owners who were sold mortgages during the property boom that they couldn’t afford are to be given compensation following a ruling by the City watchdog.”
Daily Telegraph, 22nd February 2011
Source: www.telegraph.co.uk
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