News

Executives at two UK security companies have been charged with trying to bribe the defence minister of an African country following an elaborate FBI sting operation. David Painter, 56, and Lee Wares, 43, chairman and director of a British firm that sells armoured vehicles, were arrested on Monday, the US justice department said. Pankesh Patel, […]

This notification is issued in respect of the financial measures taken against Al-Qaida and the Taliban. Her Majesty’s Treasury issues this notification to advise that on 19 January 2010 the United Nations Al-Qaida and Taliban Sanctions Committee approved the addition of two individuals and one entity to the UN Consolidated List maintained under Resolution 1390 […]

FSA warns firms over ‘unacceptable’ handling of client assets – The FSA has written to the chief executives of major insurance brokers and investment firms repeating its concerns over what it calls the ‘unacceptable’ handling of clients’ money and assets. In a report accompanying the letter, the regulator highlights a series of failings across firms […]

FSA bans insurance company director for deceiving customers and trading in breach of FSMA – On 19 January 2010, the FSA published the Final Notice it has issued to Mark Hazelwood, formerly an insurance broker and director at Synergys Ethical Limited (Synergys). The FSA has prohibited him from carrying out any function relating to regulated […]

FSA publishes independent review of financial promotions compliance – On 19 January 2010, the FSA published the results of an independent three-year assessment of firms’ compliance with its financial promotions requirements. The review examined promotions made in the press and on the internet. The review concluded that there was a high level of compliance with […]

FSA Enforcement round up – During 2009 the FSA imposed a record £34.8 million in financial penalties compared with £22.5 million in 2008 and prohibited 52 individuals from future involvement in the financial services. To see what action they took against smaller firms in December and January. click on the following Enforcement round up link: […]

A Mr Ahmad has been fined £5,000 by the FSA and prohibited from working in regulated financial services for failing to act with competence and capability, which included failing to have suitable compliance and risk management processes in place at Finance.com. His failings and the problems at Finance.com were initially picked up by an FSA […]

Standard Life has been fined £2.45m by the FSA for serious failures relating to its Pension Sterling fund. The FSA says the penalty, the first major fine of 2010, signals its intentions to crack down on regulatory breaches. AdvertisementThe fund became controversial in January 2009, when Standard Life made a shock 5% decrease in its […]