News

On 19 November 2009, the FSA published a speech by Sheila Nicholl, FSA Director of the Conduct Policy Division, entitled “Conducting business with consumers – Delivering the best outcomes”. The speech also helpfully clarifies the responsibilities of the two newly created ‘conduct’ divisions: the Conduct Risk Division, led by Dan Waters and the Conduct Policy […]

FSA bans jailed mortgage broker over £785,000 fraud – The Financial Services Authority has banned former mortgage broker Rashid Farid who was jailed for 11 years in April 09 after being convicted of dishonesty and two counts of financial crime. Farid operated as sole trader of Lifestyle Mortgages (Kirklees) and was authorised between 31 October […]

Guernsey – The Licensees (Conduct of Business) Rules, 2009 – Explanatory Note and Feedback on Consultation.  The Guernsey Financial Services Commission, in conjunction with a Working Party including practitioners from the investment business sector, has been preparing new Conduct of Business Rules mandatory for all entities licensed under the Protection of Investors (Bailiwick of Guernsey) […]

A former deputy coroner and high-profile probate solicitor has been jailed for stealing more than £43,000 from a charitable trust. Alan Benstock, 51, a former deputy coroner for West Yorkshire and former vice-chairman of the Law Society’s probate section, was sentenced to 22 months for thefts that occurred while he was working at Wakefield firm […]

The FSA has fined Alexei Krilov-Harrison £24,000 for using inside information about an AIM-traded company to encourage retail customers to buy that company’s shares. Mr Krilov-Harrison knew that the AIM-traded company had entered into a collaboration agreement with a household name and that this information, once announced, would lead to an increase in share price. […]

FSA fines former Pacific Continental Securities stockbroker for using inside information On 17 November 2009, the FSA published the Final Notice it has issued to Alexei Krilov-Harrison, a former stockbroker at Pacific Continental Securities UK Ltd (PCS). The FSA has fined Mr Krilov-Harrison £24,000 for breaching sections 118(3) and 123(1)(b) of the Financial Services and […]

Regal Petroleum plc publicly censured and fined £600,000 – The London Stock Exchange has issued a public censure and fine of £600,000 against Regal Petroleum plc (Regal). These sanctions were imposed by the AIM Disciplinary Committee for a number of serious breaches of the AIM Rules with regard to its oil exploration wells in the […]

FSA fines and bans former UBS client adviser for helping to conceal unauthorised trading losses On 13 November 2009, the FSA published the Final Notice it has issued to Andrew Cumming, a former client adviser in the international wealth management business at the London branch of UBS AG (UBS). (see http://www.fsa.gov.uk/pubs/final/cumming.pdf) Mr Cumming helped to […]