FSA fines adviser for unsuitable Ucis sales – The Financial Services Authority fines Patrick Francis O’Donnell of P3 Wealth Management £60,000 after adviser sold Ucis products he “did not understand”. Mr O’Donnell was fined for advising his clients to invest in unregulated collective investment schemes and other non-mainstream investments, when these products were clearly unsuitable. […]

FSA bans and fines hedge fund chief £3m – Regulator hands out largest fine for an individual in a non market abuse case. – The Financial Services Authority (FSA) has today (29 May) fined Alberto Micalizzi £3m and banned him from performing any role in regulated financial services. At the relevant time, Micalizzi was the […]

The Financial Services Authority (FSA) has been carrying out an investigation into Johnny Cameron, former Executive Director of The Royal Bank of Scotland Group plc (RBS) and former Chairman of Global Markets. Following this investigation Cameron has agreed to settle with the FSA on the basis that he has undertaken to the FSA that he […]

“I am in trouble, please, send me money,” hackers swindle people trouble – “I have been robbed at the airport in London, please, send me 1,450 pounds to get back home!,” reads an e-mail which was sent to over 400 friends of the chair of the Center of NGOs in the town of Razgrad Georgi […]

FSA: 30-month rule applies to RDR requirements – The Financial Services Authority (FSA) has confirmed that the 30-month rule applies to most Retail Distribution Review (RDR) activities. In its latest RDR newsletter, the regulator said a number of firms had sought a clarification on the rule. It said: “The 30-month rule applies to most but […]

Fresh warning over adviser reliance on risk tools – Research company report on Skandia range cautions against sole use of provider tools one year after FSA paper highlights issue. Research agency Rayner Spencer Mills this morning (16 April) issued a report that warns advisers against an over reliance on risk profiling tools in order to […]

Professionalism and Ethics in Financial Planning – A recent study of financial advisers in Australia found that the giving of inappropriate advice without a reasonable basis was one of the top ten forms of unethical conduct in Australia. (See Smith J, 2010 Professionalism and Ethics in Financial Planning, PhD dissertation, Victoria University.) read more http://vuir.vu.edu.au/15535/1/june_smith.pdf

JFSC Dear CEO results of Securities & Funds fund on-site examinations 2010 – Jersey Financial Services Commission (the “Commission”) – This letter summarises the results of our fund on-site examinations made over the last year, the key findings and our on-site examination themes in the coming year. It also addresses the major objectives facing the […]