Category: financial regulation
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
OFT vows to pursue bank charges – BBC News
“The Office of Fair Trading (OFT) will still pursue bank overdraft charges as unfair, even if it loses the current legal appeal in the House of Lords.”
BBC News, 25th June 2009
Source: www.bbc.co.uk
City watchdog’s tough stance earns record £27.3m in fines – The Guardian
“The number of fines and bans handed out by the Financial Services Authority is on course for a record this year as the City watchdog steps up its ‘get tough’ approach to regulation.”
The Guardian, 8th June 2009
Source: www.guardian.co.uk
FSA steps up battle against insider trading – The Times
“The Financial Services Authority (FSA) is to increase the firepower of its enforcement division by hiring several lawyers from leading City firms, The Times has learnt.”
The Times, 1st June 2009
Source: www.timesonline.co.uk
Financial Services Authority shuts record number of rogue advisers – The Times
“The City watchdog has banned a record number of firms that sell mortgages, pensions, investments and insurance.”
The Times, 14th April 2009
Source: www.timesonline.co.uk
FSA wins case to bar General Re chief – The Times
“Financial Services Authority says it has turned down appeal by former insurance chief over ban on working in the City.”
The Times, 6th April 2009
Source: www.timesonline.co.uk
FSA secures first jail term for insider dealing – The Times
“A solicitor who tipped off his father-in-law and profited from a takeover deal was jailed for eight months today in the Financial Services Authority’s (FSA) first criminal prosecution for insider dealing. ”
The Times, 30th March 2009
Source: www.timesonline.co.uk
