Category: financial regulation
Former Merrill Lynch trader banned for five years – The Guardian
“A former proprietary trader at Merrill Lynch, who mispriced trades in a desperate bid to cover up some of the $456m (£300m) of losses he had racked up, was banned from working in the industry for at least five years.”
The Guardian, 16th March 2010
Source: www.guardian.co.uk
Couple charged as FSA clamps down on insider dealing – The Guardian
“A former Dresdner Kleinwort investment banker and his wife have been charged with insider dealing as part of an ongoing effort by the Financial Services Authority to crack down on market abuse, which the watchdog admitted over the weekend was still ‘unacceptably high’ in the City.”
The Guardian, 15th March 2010
Source: www.guardian.co.uk
Ex-Cazenove partner Malcolm Calvert guilty of insider dealing – The Guardian
“A former top executive at one of the City’s most prestigious banks faces jail after being found guilty of insider dealing.”
The Guardian, 10th March 2010
Source: www.guardian.co.uk
Regina (Amro International SA and another) v Financial Services Authority and others – WLR Daily
“Co-operation between national financial regulators was of the greatest importance, particularly where there were suspicions or allegations of fraud. The Financial Services Authority was entitled to assist the US Security and Exchange Commission in a share fraud investigation without subjecting its request for help to critical examination. The FSA was required only to comply with the requirements of statute, and the terms of memoranda of understanding were immaterial. There was no requirement to provide notice under s 170(2) of the Financial Services and Markets Act 2000.”
WLR Daily, 24th February 2010
Source: www.lawreports.co.uk
Please note once a case has been reported in one of the ICLR series the corresponding WLR Daily summary is removed.
FSA promises tougher line on change of control breaches – OUT-LAW.com
“A billion-pound property fund was fined £1,000 this week for breaching takeover rules. But a change in the law means similar offences in future could attract unlimited penalties.”
OUT-LAW.com, 18th February 2010
Source: www.out-law.com
Standard Life fined £2.45m for misleading pensions customers – The Guardian
“The Financial Services Authority has fined Standard Life £2.45m for misleading thousands of pensions customers about the safety of one of its funds, it was announced today.”
The Guardian, 20th January 2010
Source: www.guardian.co.uk
Plans to improve consumer redress against financial firms being ‘rushed through’, says ABI – OUT-LW.com
“Consumers will be able to bring class actions against banks, insurers and other financial services firms if the Government’s Financial Services Bill comes into force.”
OUT-LAW.com, 24th November 2009
Source: www.out-law.com
FSA launches new regime for PPI sales complaints – OUT-LAW.com
“Firms will have to review all the complaints about Payment Protection Insurance (PPI) mis-selling that they have rejected since 2005 under tough new proposals announced this week by the Financial Services Authority.”
OUT-LAW.com, 2nd October 2009
Source: www.out-law.com
FSA fines Barclays £2.85m for providing inaccurate trading data – The Guardian
“Barclays has been fined £2.45m by the Financial Services Authority for failures related to the reporting of trades in its investment banking arm, Barclays Capital.”
The Guardian, 8th September 2009
Source: www.guardian.co.uk
Amro International SA and anr v Financial Services Authority and ors – WLR Daily
Amro International SA and anr v Financial Services Authority and ors; [2009] WLR (D) 288
“Although the purpose of ss 169–172 of the Financial Services and Markets Act 2000 was to facilitate investigation in support of overseas regulators and such co-operation was desirable in order to maintain the regulation of financial markets and banks, the nature of the claim in respect of which the Financial Services Authority’s assistance was sought was of fundamental importance and it was wrong to exercise the powers to aid an investigation into allegations that were not made in that claim. The correct approach was to apply a test of proportionality and the documents required should be properly specified.”
WLR Daily, 28th August 2009
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.
City minister promises new crackdown on bonus culture – The Guardian
“The government is prepared to take further steps to clamp down on City bonuses after the Financial Services Authority today [12 August] published a watered-down code on bankers’ pay.”
The Guardian, 12th August 2009
Source: www.guardian.co.uk
Banking reform ‘largely cosmetic’ – BBC News
“The government’s plans for reforming the regulation of banks are ‘largely cosmetic’ and ‘lack clarity’, MPs in the Treasury Select Committee say.”
BBC News, 31st July 2009
Source: www.bbc.co.uk
Tax avoidance experts may face FSA crackdown – The Guardian
“Bank bosses who allow their firms to devise schemes to help customers avoid paying tax could face sanctions from the Financial Services Authority.”
The Guardian, 23rd July 2009
Source: www.guardian.co.uk
Government plans for the reform of financial markets – HM Treasury
“The Chancellor of the Exchequer Alistair Darling has today published ‘Reforming Financial Markets’, a document setting out the Government’s proposals for the reform of the financial system.”
HM Treasury, 8th July 2009
Source: www.hm-treasury.gov.uk
Darling rules out radical changes in City white paper – The Guardian
” Alistair Darling stepped back today from a radical overhaul of Britain’s banks when he ruled out caps on bankers’ pay or breaking up the biggest City institutions.”
The Guardian, 9th July 2009
Source: www.guardian.co.uk
FSA consults on a penalty framework that could treble fines – OUT-LAW.com
“Regulatory fines could double or treble in size under a new framework for calculating financial penalties proposed by the Financial Services Authority (FSA) yesterday.”
OUT-LAW.com, 7th July 2009
Source: www.outlaw.com
Bankers’ pay curbed under new City rules – The Times
“Banking executives will have their pay linked to long term profitability under new rules designed to prevent a repeat of last year’s financial meltdown.”
The Times, 8th July 2009
Source: www.timesonline.co.uk
City wrongdoers face bigger fines – BBC News
“The Financial Services Authority (FSA) wants to impose much bigger fines on firms or individuals who cheat their customers or engage in insider dealing.”
BBC News 6th July 2009
Source: www.bbc.co.uk
