Pi Financial fined over Ucis and structured products 20 Sept 2012 The FSA has fined Pi Financial Limited £58,300 for advising its clients to invest in high risk products which the regulator deemed unsuitable. According to the City watchdog, during 1 January 2009 and 3 February 2012, Shrewsbury-based Pi advised 168 clients to invest £6m […]

FSA’s £500,000 fine for Peter Cummings, only part of the story of a scandal – THE FSA’s £500,000 fine for former head of corporate banking at HBOS, Peter Cummings, is only part of the story of a scandal that has still not been properly investigated nor explained, writes Ray Perman The number of people who […]

FSA’s £500,000 fine for Peter Cummings, only part of the story of a scandal  – THE FSA’s £500,000 fine for former head of corporate banking at HBOS, Peter Cummings, is only part of the story of a scandal that has still not been properly investigated nor explained, writes Ray Perman The number of people who […]

Pottage V. FSA — A Welcome Decision For UK Bank Execs 17 Sep 2012 Law360, New York (May 16, 2012, 3:37 PM ET) – The U.K.’s Upper Tribunal recently overturned the decision of the Financial Services Authority to fine John Pottage £100,000 for failing to comply with his regulatory obligations while he was chief executive […]

Anthony Hilton: Why should one man carry the can at HBOS? 17 Sep 2012 Peter Cummings, a senior executive at HBOS when it was making hay before the banking collapse, was fined and banned by the Financial Services Authority for his role leading up to the collapse. He played his part – which he accepts […]

FSA fines and bans executive director for management failings 17 Sep 2012 The FSA has fined Peter Cummings £500,000 and banned him from holding any senior position in a UK bank, building society, investment or insurance firm. These sanctions were imposed for breaches of Statement of Principle 6 of the FSA’s Code of Practice for […]

FSA publishes RDR guide 17 Sep 2012 The FSA has published a guide entitled “Make sure you’re on track for the RDR” addressing feedback received on Retail Distribution Review (RDR) implementation. The guide deals with: • adviser charging; • independent and restricted advice; and • professional qualifications. A copy of the guide (http://www.fsa.gov.uk/static/pubs/other/rdr-make-sure-youre-on-track.pdf) is available.

Law360, New York (May 16, 2012, 3:37 PM ET) – The U.K.’s Upper Tribunal recently overturned the decision of the Financial Services Authority to fine John Pottage £100,000 for failing to comply with his regulatory obligations while he was chief executive and compliance officer of two FSA-regulated UBS companies. The tribunal found that Pottage did […]