FSA charges ex-hedge fund trader

Today the Financial Services Authority charged:

"Anjam Ahmad, an ex-hedge fund trader, with one count of conspiracy to commit insider dealing contrary to Section 1 of the Criminal Law Act 1977..."

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FSA to investigate Goldman Sachs

Following preliminary investigations:

"The Financial Services Authority (FSA) has decided to commence a formal enforcement investigation into Goldman Sachs International..."

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FSA fines London IFA £24,500

The Financial Services Authority today fined:

"Robin Bradford (Life and Pension Consultants) Ltd (Robin Bradford), a London based IFA firm, £24,500 for exposing customers to unacceptable levels of risk of receiving poor pension switching advice..."

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FSA fines and bans former Northern Rock deputy CEO

The Financial Services Authority today fined the following:

"David Baker, former deputy chief executive of Northern Rock Plc (NR), £504,000 and Richard Barclay, former managing credit director at NR, £140,000..."

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Kensington Mortgage Company Limited fined £1.225m

The Financial Services Authority (FSA) has today announced it has fined Kensington Mortgage Company Limited £1.225 million for poor treatment of some customers facing mortgage arrears:

"The firm has agreed to redress customers who were in arrears and charged specific unfair and/or excessive charges. It is estimated that the redress will cost the firm up to £1.066 million...."

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FSA issues £4.2m fines

The Financial Services Authority has fined three firms a total of £4.2m for failing to provide accurate and timely transaction reports to the FSA:

"The three firms are Credit Suisse (£1.75m fine), Getco Europe Limited (£1.4m) and Instinet Europe Limited (£1.05m)..."

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FSA: Seven charged with insider dealing

The Financial Services Authority today charged seven people with 13 charges in respect of conspiracy to deal on inside information obtained by the defendants from two major investment banks:

"One defendant has additionally been charged with an offence in relation to money laundering..."

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Six arrested in FSA and SOCA insider dealing investigation

The Financial Services Authority today announced:

"In the first operation carried out jointly between the Financial Services Authority and the Serious Organised Crime Agency, 16 addresses have been searched this morning in London, in the FSA's largest ever operation against insider dealing..."

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FSA: Former Cazenove partner found guilty of insider dealing

The Financial Services Authority announced that:

"Malcolm Calvert, a former equities marketmaker at stock broker Cazenove, was today found guilty at Southwark Crown Court on five counts of insider dealing..."

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FSA fines IFA director £49,000

The Financial Services Authority has fined Charles Palmer, director of Gloucestershire based IFA network, Financial Ltd, £49,000 for:

"Management failings resulting in poor compliance monitoring on pension switching advice during a period of rapid expansion..."

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Skipton to merge with Chesham Building Society

Skipton is to merge with Chesham Building Society, creating a Society with over £15bn of assets and a 92-strong branch network:

"Subject to confirmation by the Financial Services Authority (FSA) and approval by Chesham members, the merger is expected to become effective on 1 June 2010..."

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FSA censures Park Row, announces redress of up to £7.8m and fines former CEO

The Financial Services Authority have today:

"publicly censured Park Row Associates Limited (Park Row), a national IFA network, for failing to ensure its sales were suitable and secured customer redress estimated at between £5m and £7.8m..."

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FSA: Glasgow stock broker firm fined £101,500

The Glasgow stock broking firm, Direct Sharedeal Limited, was fined £101,500 for:

"Its appointed representative, First Colonial Investments LLP, using misleading sales pitches which failed to set out the inherent risks of buying penny shares..."

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FSA fine executives £1.16m for market abuse

This is the largest fine by the FSA against an individual for market abuse:

"The Financial Services Authority (FSA) has fined Mehmet Sepil, the chief executive officer of Genel Enerji, a Turkish oil exploration company, £967,005 for dealing in the shares of UK listed Heritage Oil Plc (Heritage) on the basis of inside information..."


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FSA increases annual funding by 10%

The Financial Services Authority have announced their proposed annual funding requirement for this year:

"The budget reflects the FSA's determination to continue delivering intensive supervision and the substantial international regulatory reform agenda. It will require an increase of 9.9% in overall funding..."

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