FSA Penalties

UK: FSA ups the ante for listed companies with £2.4m fine for LDTR breaches involving inside information

The Financial Services Authority (FSA) has published a final notice setting out its decision to fine Lamprell plc (Lamprell) £2,428,300 for significant failings in its systems and controls which resulted in breaches of the Listing Principles, the Disclosure and Transparency Rules (LDTR) and of the … Continue reading

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Filed under FSA, FSA Penalties, UK

FSA prioritises effective corporate governance in insurers

Effective corporate governance within insurers, including in particular those operating with-profits businesses, has been a high priority for the FSA for some time.

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Filed under FSA, FSA Penalties, FSA Rules, Insurance

Enforcement fines to be used to support Britain’s Armed Forces (and the Exchequer)

HM Treasury announced yesterday that the Government plans to use £35 million of revenue from fines imposed by UK financial regulators on firms in the financial sector to support the British Armed Forces through the Armed Forces Covenant.  The announcement, “Bank … Continue reading

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Filed under Bank of England, FCA, FSA Penalties, PRA, Regulatory Reform, UK Legislation

FSA fines bank and its former MLRO for failure to comply with anti-money laundering requirements

In May 2012 the FSA issued Final Notices fining Habib Bank AG Zurich (“Habib”) £525,000 for failure to take reasonable care to establish and maintain adequate anti-money laundering (“AML”) systems and controls and fining its former Money Laundering Reporting Officer … Continue reading

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Filed under Bribery and Corruption, Corporate Crime, FSA Penalties, HM Treasury, JURISDICTIONS, Sanctions and Money Laundering, UK

Market abuse: when is disclosure not in the proper course of employment, profession or duties?

On 3 April 2012, the FSA published a notice recording its decision to fine Mr Hannam, a senior banker and an approved person, £450,000 for disclosing inside information to third parties on two separate occasions.  The FSA acknowledged that the … Continue reading

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Filed under FSA, FSA Penalties, JURISDICTIONS, UK

Market abuse update – Feb 2012

Since our last update, there have been some significant milestones  in the FSA’s fight against market abuse.  The European Commission has also published its proposals for reform of the European market abuse regime. This briefing reviews developments in the UK … Continue reading

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Filed under European Regulation, FSA, FSA Penalties, JURISDICTIONS, UK

Client Money and Assets: emerging issues

FSA fines for client money and asset failings continue to make the headlines. In the attached briefing, we look at the enforcement decision in relation to ActivTrades Plc, and consider the main implications for firms of the FSA’s feedback on … Continue reading

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Filed under France, FSA, FSA Penalties, JURISDICTIONS, UK, US