News

Swinton, the insurance broker, has been handed a £770,000 fine by the Financial Services Authority (FSA) for mis-selling controversial payment protection insurance (PPI) policies. Under an agreement with the FSA, Swinton will contact over 350,000 customers who paid for PPI and offer them a refund. Swinton’s PPI sales process was “flawed”, the FSA found, because […]

As part of its ongoing review of compliance with the AML/CFT standards, the FATF has to date identified the following jurisdictions which have strategic AML/CFT deficiencies for which they have developed an action plan with the FATF. Antigua & Barbuda, Azerbaijan, Bolivia, Greece, Indonesia, Kenya, Morocco, Myanmar, Nepal, Nigeria, Paraguay, Qatar, Sri Lanka, Sudan, Syria, […]

On 18 February 2010, the FSA published the Final Notice it has issued to Direct Sharedeal Limited (DSL), fining it £101,500 in relation to the activities of its appointed representative, First Colonial Investments LLP (FCI), which put DSL in breach of Principles 3, 6 and 10 of the FSA’s Principles for Businesses. The FSA found […]

The Commission has published 19 February 2010 a consultation paper on the regulatory requirements for Jersey registered deposit takers in respect of the provision of financial information and public disclosures. The aims are to: bring together existing requirements regarding the provision of financial information to the Commission; increase the availability of financial information on banks […]

On the 19 February 2010The Jersey Financial Services Commission (the “Commission”) has published a consultation paper on proposals for annual fees to be paid by Designated Non-Financial Businesses and Professions (“DNFBPs”) carrying on activities specified in Part B of Schedule 2 to the Proceeds of Crime (Jersey) Law 1999, as amended (the “Proceeds of Crime […]

This report summarises the anti-money laundering and counter-terrorist financing measures (AML/CFT) that were in place in Germany at the time of the on-site visit (15 May – 5 June 2009) and immediately thereafter. It describes and analyses these measures and offers recommendations on how to strengthen certain aspects of the system. It also assesses Germany’s […]

FSA censures stockbroking firm for persistent compliance failures – On 17 February 2010, the FSA published the Final Notice it has issued to Wills & Co Stockbrokers Limited (“Wills & Co”), imposing a public censure for serious regulatory failings in breach of Principles 2, 3, 6, 7, 9 and 11 of the FSA’s Principles for […]

Semperian, a £1.3bn property fund spun out of Land Securities, has pleaded guilty to an FSA charge of failing to ask for the regulator’s approval when it bought an FSA registered business. The judge at the City of Westminster Magistrates Court yesterday imposed a £1,000 penalty on Semperian PPP Investment Partners, saying the fund had […]