FSA fines bank for money laundering rule breaches – the Financial Services Authority (FSA) has fined Turkish Bank (UK) Ltd £294,000 for breaching the Money Laundering Regulations 2007 over a two-and-a-half year period. It said the company’s correspondent banking arrangements – in which it provided services to several overseas banks – left it vulnerable to […]

HBOS whistleblower hits out at bank regulators – The Libor rate-rigging scandal that is currently engulfing the banking sector has led to further condemnation of the behaviour of bankers and calls for criminal prosecutions for those involved. Among the most vocal is the man who became known as the HBOS whistleblower – (namely Paul Moore […]

The Financial Services Authority has fined Turkish Bank (UK) Ltd (TBUK) £294,000 for breaching the Money Laundering Regulations 2007 (MLR). These breaches – which related to TBUK’s correspondent banking arrangements – were widespread and lasted over two and a half years.They led to an unacceptable risk that TBUK could have been used to launder money. […]

FSA fines former insurance broker £471,846 for misappropriating insurance premiums 24 Jul 2012 The Financial Services Authority (FSA) today banned and fined a former commercial insurance broker who used clients’ insurance premiums to fund his business. Stephen Goodwin, a former partner of Goodwin Best in Bury, Lancashire, has been fined £471,846 for the failings and […]

FSA fines broker £30,000 over non-compliant sales – Former broker of insolvent firm had fine reduced from £160,000 due to financial hardship and illness. The Financial Services Authority has fined stockbroker Jay Alan Rutland £30,000 for insider trading and misleading potential clients about a product’s risk using sales scripts that had not been passed by […]

FSA toughens rules around centralised outsourcing tools – Financial Services Authority requires adviser firms to lay out costs and benefits to client in clear language – Firms looking to transfer a client’s investment into a centralised investment proposition must demonstrate not only why the new investment suits the client’s needs but also why it does […]

Banks’ defences against investment fraud – The FSA has published a report on “Banks’ defences against investment fraud” together with a consultation on proposed guidance on this issue. The report contains the findings of the FSA’s assessment of the systems and controls in place in several retail banks to contain the risks posed by investment […]

RDR newsletter – The FSA has released the sixth issue of its newsletter on the Retail Distribution Review (RDR). This issue contains articles on the following: • the consultation paper on platforms; • information about gap-fill; • the FSA’s position post-RDR on fund switches within pensions; and • assistance with the independent and restricted advice […]