29 Oct 2012 FSA bans another adviser over Ucis failings – Customers poured investments into unregulated schemes which were unlikely to be suitable for their needs. – The Financial Services Authority has banned Martin Rigney of Derbyshire-based advice firm Topps Rogers Financial Management and fined him £117,330 over failings in relation to unregulated collective investment […]

FSA fines ex-director for failing to monitor and correctly calculate regulatory capital requirements 25 Oct 2012 The FSA has fined Graeham Sampson £17,850 (including a 30 per cent discount) for failing to act with due skill, care and diligence in managing the elements of the business of Montpelier Pension Administration Services (MPAS) for which he […]

FSA prevents company ownership after buyer lied on CV 22 Oct 2012 The Financial Services Authority has barred Ewa Karczewska from taking ownership of an authorised firm after she fudged her CV when she submitted it to the regulator. On 14 September 2010, Ms Karczewska bought 70 per cent of Think Finance from Boril Wdowczyk […]

THE FSA AND INSIDER DEALING 22 Oct 2012 IntroductionInsider Dealing prosecutions have a chequered history. Historically, few prosecutionswere brought and even fewer were successful. More recently, no doubt in partbecause of the much-publicised banking crisis, there appears to be a much greaterappetite to investigate and prosecute such cases. And it is a fact that the […]

FSA fines BoS £4.2m over ‘inaccurate’ mortgage records 19 Oct 2012 The Financial Services Authority has fined Bank of Scotland £4.2m for failures in their systems meaning it held inaccurate mortgage records for a quarter of a million customers. The flawed records are a result of mortgage information being held on two separate unaligned systems […]

Smith & Williamson fined over FSA-regulated client 11Oct 2012 SMITH & WILLIAMSON has been hit with a £5,000 in a fine and costs over its audit of an FSA-regulated business. The firm agreed to a consent order from the ICAEW’s investigation committee after it was found to have failed to obtain sufficient appropriate evidence that […]

Make sure you’re on track for the RDR 02 Oct 2012 RDR comes into force, not on 1 Jan 2013, as many seem to believe, but on the 31 December 2012. So how are the preparations going for you and your business?The FSA’s recent communication “Make sure you’re on track for the RDR” provides some […]

FSA warns exec-only platforms over accidental advice27 Sept 2012 The Financial Services Authority (FSA) is scrutinising the execution-only platform market to ensure platforms do not inadvertently stray into giving advice. Speaking at the FSA Asset Management Conference, FSA technical specialist Rory Percival warned firms developing execution only platforms that while they should provide customers with […]