FSA ACTION: RSM Tenon Financial Services Limited
Felix Shipkevich - February 25, 2010“Firms giving investment advice must ensure they fully assess clients’ needs and make suitable recommendations – they must also have the necessary systems and controls in place to demonstrate this,” said FSA director of enforcement and financial crime Margaret Cole
FSA ACTION: Park Row Associates Limited
Felix Shipkevich - February 24, 2010The FSA publicly censured Park Row Associates Limited, a national IFA network, for failing to ensure its sales were suitable and secured customer redress estimated at between £5m and £7.8m.
FSA ACTION: Direct Sharedeal Limited
Felix Shipkevich - February 18, 2010An FSA investigation found FCI’s sales showed scant regard for their customers. Potentially misleading sales pitches were used to persuade people to buy shares, regardless of whether those shares were suitable.
FSA ACTION: Wills & Co
Felix Shipkevich - February 17, 2010The FSA censured Wills & Co, a London based stockbroking firm, for poor sales practices and not monitoring its advisers properly despite a fine and a previous requirement to take remedial action.
FSA ACTION: Semperian PPP Investment Partners Limited Partnership
Felix Shipkevich - February 17, 2010Semperian plead guilty to an offence under section 191(3) of the Financial Services and Markets Act 2000 by acquiring an authorized firm before it had received the necessary approval of the FSA. Semperian notified the FSA in mid December 2008 that it proposed to acquire the authorized firm but failed to wait for FSA approval [...]
FSA ACTION: Genel Enerji
Felix Shipkevich - February 16, 2010Three months after the insider trading Sepil, Ozgul and Akca voluntarily contacted the FSA expressing remorse and made certain admissions concerning the basis for their trading. At an early stage, all three individuals offered disgorgement of the profits they had made.
Lord Turner speaks in Mumbai
Felix Shipkevich - February 15, 2010Speaking at the Reserve Bank of India in Mumbai, FSA chairman Lord Turner said that both the Asian crisis of 1997 and the recent crisis had made clear that expansion in the scale and sophistication of financial activity is not always beneficial to the global economy.
FSA says it will require an increase of 9.9% in overall funding
Felix Shipkevich - February 12, 2010In 2009/10, the FSA hired 280 new staff as part of its Supervisory Enhancement Programme. The full year costs of these staff will be represented for the first time in 2010/11 and equates to a 4% rise in total FSA costs, even if no other investments were made.
FSA ACTION: Sett Valley Insurance Services
Felix Shipkevich - January 27, 2010The FSA gave Sett Valley Insurance Services a Decision Notice on 27 January 2010 which notified Sett Valley that pursuant to section 206 of the Financial Services and Markets Act 2000, and on the basis that Sett Valley has agreed to undertake certain remedial action, the FSA had decided to impose a financial penalty of £28,000 [...]
Proposals to ensure that mortgage holders in arrears are treated fairly
Felix Shipkevich - January 26, 2010The FSA set out a package of measures that will help to ensure that mortgage holders in arrears are treated fairly and which reinforces the FSA’s tough stance in its battle against mortgage fraud.
The key arrears proposals:
Make plain that firms must not add early repayment charges on arrears charges and interest levied on those charges;
Clarify [...]
