Financial Services Authority Penalties

The Financial Services Authority is an independent financial regulatory body within the United Kingdom. The FSA establishes standards for most financial services markets, exchanges, and firms and pursues legal... more +
The Financial Services Authority is an independent financial regulatory body within the United Kingdom. The FSA establishes standards for most financial services markets, exchanges, and firms and pursues legal action against parties failing to comply with those standards.   less -
News & Analysis as of

UK Financial Services Authority Sets Precedent Under New Penalty Policy

FSA's methodology for calculating financial penalties is expected to lead to significantly higher fines than in the past. On 18 March, the UK Financial Services Authority (FSA) published a final notice imposing a fine...more

DOJ Announces Criminal Charges And Penalties For LIBOR Manipulation, Regulators Announce Parallel Civil Enforcement Actions

On February 6, U.S. and U.K. authorities announced that a Japanese financial institution and its British bank parent company agreed to pay roughly $612 million to resolve criminal and civil investigations into the firms’ role...more

RBS Fined £87.5 Million over LIBOR Rates

On February 6, the FSA issued a final notice to RBS imposing a fine of £87.5 million for misconduct in submitting rates for the calculation of LIBOR....more

RBS Fined £87.5 Million over LIBOR Rates

On February 6, the FSA issued a final notice to RBS imposing a fine of £87.5 million for misconduct in submitting rates for the calculation of LIBOR....more

Libor Fixing Probe – UBS Facing Potential $1 Billion Fine

UBS, Switzerland’s largest bank, is set to become the second financial institution to enter into a settlement arising out of the Libor rate-fixing scandal. The potential agreement would reportedly allow UBS to pay...more

UK FSA Fines Bank for Inaccurate Mortgage Records

On October 19, the UK FSA announced that it fined a bank £4.2 million ($6.7 million) for failing to keep accurate records regarding 250,000 mortgages it was servicing. In monitoring a consumer forum website, the FSA found...more

FSA Fines Two Firms for Transaction Reporting Failures

On October 24, the UK Financial Services Authority (FSA) announced that it had fined two firms for failing to provide accurate and timely transaction reports. Plus500UK Limited (Plus500), an online contacts for difference...more

FSA Bans and Fines Former Managing Director of Welcome Financial Services Ltd for Market Abuse

The FSA published its final notice dated October 8 in relation to John Blake, the former managing director of Welcome Financial Services Ltd (Welcome). In its final notice the FSA states that Mr. Blake engaged in market...more

Tribunal Upholds FSA Decision to Ban and Fine Swiss Fund Manager and Two Former Cantor Fitzgerald Traders for Market Abuse

The Upper Tribunal (Tax and Chancery Chamber) (the “Tribunal”) has directed the FSA to fine Stefan Chaligné, a Swiss-based hedge fund manager £900,000, (plus disgorgement of the financial benefit he obtained of €362,950) and...more

FSA Fines IFA Network Firm in Relation to Misselling of High Risk Products

The FSA has published a final notice (dated September 18) issued to Pi Financial Limited, an IFA network firm. The notice imposed a fine of £58,300 for failures in relation to systemic weaknesses in Pi’s systems and controls,...more

FSA’s Proposal to Prevent the Recurrence of the AIJ Scandal and the Results of the Second Survey

On September 4, 2012, the Financial Services Agency of Japan (“FSA”) published its proposal of measures to prevent the recurrence of the AIJ scandal while providing the opportunity to the public to provide their opinions...more

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