Merger discussions between Western Canadian Coal Corp. and Cambrian Mining Plc Dec 25, 2008
("Teathers") which is a public limited company, listed in Iceland and is authorised and regulated by the Fjarmalaeftirlitio (The Financial Supervisory Authority, Iceland) and subject to limited regulation by the Financial Services Authority in the UK, is acting for Cambrian and no one else in connection with the matters described in this announcement and will not be responsible to anyone other than Cambrian for providing the protections afforded to customers of Teathers nor for providing advice... (PR Newswire)
City watchdog's fines at record Dec 25, 2008
The Financial Services Authority (FSA) issued a record 48 fines for breaches that also included pressure selling, pension transfers and market abuse. The biggest was a 7m penalty against Alliance and Leicester for mis-selling payment protection insurance (PPI). (BBC News)
Ubisense Ranked No. 3 Fastest Growing Technology Company in Europe ... Dec 25, 2008
Services are provided by member firms or their subsidiaries and not by DTT. Deloitte e LLP is authorised and regulated by the Financial Services Authority. Deloitte Technology, Media ommunications (TMT) Group. (MoreRFID (press release))
Market Report: Retail sector hit by pre-Christmas discounts Dec 23, 2008
Analyst Haley Tam added that it was likely that the Financial Services Authority, the UK market regulator, "will not progress the [company's application for a banking licence] until refinancing terms on some or all of the group's 500m debt maturing in July have been agreed". "We believe the scene is set for further increases in arrears and loan losses, and uncertainty on the funding and banking licence front," she said. (Independent)
Bank of England failed to act on 'crazy borrowing' Dec 22, 2008
Under the Tory plans, the Bank would take a broader responsibility for debt and would have to write a write a regular open letter to the Financial Services Authority assessing risk in the market. Sir John, who is charged with ensuring financial stability and was heavily criticised last year by the Treasury Select Committee for apparently failing to control the Northern Rock crisis, admitted that taxpayers may not get all their money back from the bail-out of the bank and other institutions. (Telegraph.co.uk)
Bank failed to spot crisis despit... Dec 22, 2008
He was appointed deputy governor of the Bank of England in January 2006 and is a member of the board of the Financial Services Authority (FSA). How much did we pay this guy when he was in offfice. (New York Post -- Business)
Credit unions to be reformed Dec 21, 2008
"[The reforms] will help credit unions become financially sounder and better managed and thereby better placed to take maximum advantage of the possibilities the legislative changes open up for them," said Paul Sharma of the Financial Services Authority (FSA). "The experience of recent years where a number of credit unions have failed also indicates the need to strengthen some aspects of our regulatory policy for the sector," he added. (BBC News -- UK)
City regulators probe Madoff?s Lo... Dec 21, 2008
Grant Thornton said it would cooperate with the inquiries of the Financial Services Authority (FSA), the City regulator, and the US investigation. Related Links. (New York Post -- Business)
Need to know: John Lewis down ...... Dec 20, 2008
Watchdog row: An independent panel set up by the Financial Services Authority (FSA) has rounded on the chief City regulator, accusing it of launching an assault on consumer rights. The Financial Services Consumer Panel, set up ten years ago to police the FSA s activities, said that it opposed a discussion paper that appeared to put more onus on consumers to safeguard their interests. (New York Post -- Business)
Oil producers and users call for oil price stability Dec 19, 2008
The Financial Services Authority is also cooperating with U.S. regulators to provide more data on commodity markets. (Additional reporting by David Sheppard and Jane Merriman; editing by James Jukwey). (International Herald Tribune -- Technology)
Cattles investors facing loss of dividends Dec 19, 2008
Its application for a banking licence went to the Financial Services Authority in August, but a tougher approach by the regulator means that Cattles has had to rethink its February schedule. The lender provided no fresh clues about the imminence of the licence yesterday. (Times Online)
Raising the bar for hedge funds Dec 18, 2008
The two leading financial market regulators, the SEC in the United States and the United Kingdom's Financial Services Authority, face increasing pressure from the public and have begun to contemplate new regulations. What changes can restore public confidence in the industry while enhancing market forces, even if there is not a return to historic performance levels. (Asia Times Online)
Colette Bowe, new head of Ofcom, best known for Westland affair role Dec 18, 2008
He is also a member of the Dubai Financial Services Authority. Have your say. (Times Online)
Doorstep lender Cattles to scrap... Dec 18, 2008
Shares of Cattles have fallen sharply in recent weeks amid market rumours that the Financial Services Authority s (FSA) decision to toughen up its qualifying criteria could result in its application for the licence, made in August, being refused. Related Links. (New York Post -- Business)
Cold threats Dec 16, 2008
"We are looking at whether or not the action of the FSA (Financial Services Authority) led to the collapse of Kaupthing, Singer and Friedlander in the UK, which in turn led to the collapse of the mother bank here in Iceland," he says. Avoidable collapse. (BBC News)
Transcript of Press Conference Announcing Siemens AG and Three Subsidiaries Plead Guilty to Foreign Corrupt Practices Act Violations Dec 16, 2008
I would like to thank everyone involved for their outstanding work, cooperation and coordination including the fraud section of the United States Department of Justice, the fraud and public corruption section of the United States Attorney's Office for the District of Columbia, the Federal Bureau of Investigation, the Internal Revenue Service, the Office of the Prosecutor General in Munich, Germany, the Financial Services Authority in the United Kingdom, and the Hong Kong Securities and Futures... (PR Newswire)
Watchdog hits at insurance mis-selling Dec 16, 2008
Financial companies have made very disappointing progress towards tackling poor practice in the sale of payment protection insurance, according to Hector Sants, chief executive of the Financial Services Authority. The watchdog will step up intervention to defend customers and force companies to treat complaints fairly, Mr Sants told MPs at a Treasury select committee hearing on Monday. (Financial Times)
Equitable compensation is urged Dec 15, 2008
They said the former Department of Trade and Industry and City regulator the Financial Services Authority (FSA), had "failed over a prolonged period and at a fundamental level". Decade of uncertainty. (BBC News -- UK)
Dunstone engages in Carphones biggest test Dec 14, 2008
As the Financial Services Authority, the City regulator, started its investigation, Mr Ross resigned from the boards of National Express, Big Yellow as well as his role on Boris Johnson s Olympic committee. Shares in all the companies involved fell last week on fears a big slug of their shares would be dumped on the market. (Telegraph.co.uk)
Ross: What I did was all... Dec 14, 2008
An investigation by the Financial Services Authority has yet to begin but Ross intends to co-operate fully when it does. I am resolute in my determination to resolve this issue and move forward, he said. (New York Post -- Business)
Ross resignation a 'tragedy says former FSA rules lawyer Dec 13, 2008
Mr Palmer worked on the consultation run by the Financial Services Authority in 2005 when the disclosure rules changed and said Mr Ross made a mistake but did not commit market abuse. The technical breach of the model code which stipulates Mr Ross should have told his chairman he was pledging shares was a mistake. (Telegraph.co.uk)
Pound in fifth day of euro lows Dec 13, 2008
But the former Bank of England and Financial Services Authority official, David Green, told BBC News that such a move would be premature. "This is the first real test for the euro: a recession is coming on, we don't know what's going to happen to those parts of the eurozone like Spain or Ireland which have no flexibility of exchange rates and interest rates, " Mr Green said. (BBC News -- Business)
HBOS Investors Vote in Favor of Takeover by Lloyds TSB as Bad Loans Surge Dec 13, 2008
The bank said it will also have to pay 200 million pounds for its obligation to guarantee deposits under a new rule introduced by the Financial Services Authority. The regulator introduced the Financial Services Compensation Scheme on Nov. 27 to protect bank deposits in Britain. (Bloomberg -- UK)
Not a happy Christmiss Dec 13, 2008
This because the Financial Services Authority does not look kindly on retailers who sit on profit warnings. neil. (FT.com -- Markets)
HBOS wins merger approval as its bad loans climb Dec 13, 2008
The bank said it would also have to pay 200 million for its obligation to guarantee deposits under a new rule introduced by the Financial Services Authority. The regulator introduced the Financial Services Compensation Scheme on Nov. 27 to protect bank deposits in Britain. (International Herald Tribune -- Business)
Need to know: TNK-BP cuts spending ... Chrysalis talks end ... Dec 12, 2008
Cattles: The sub-prime and doorstep lender is facing a delay in its attempt to secure a banking licence from the Financial Services Authority, the City regulator, sending its shares down as much as 25 per cent.. Lending Panel: Bank chiefs agreed to provide more information to the Chancellor on their lending to small firms and mortgage borrowers. (Times Online)
Big Yellow accepts David... Dec 12, 2008
It has since emerged that the Financial Services Authority, the City regulator, has started an investigation into Mr Ross's conduct. In the chilly market climate, buyers for Mr Ross's Carphone Warehouse stake may be thin on the ground. (New York Post -- Business)
Bank fined 721000 for misselling credit card insurance Dec 11, 2008
The Financial Services Authority fined Egg 721,000 for serious failings in the way it sold (PPI) to its credit card customers and told the firm to pay compensation, which could amount to several million pounds. Although Egg, now part of the US bank Citigroup, was not allowed to recommend consumers buy the insurance cover, the FSA found it had instructed sales staff to use hard-sell techniques on those who proved reluctant buyers. (guardian.co.uk)
Brown wants hotline for revellers Dec 9, 2008
He added: "It's a bit funny because when the governor of the Bank of England and the chairman of the Financial Services Authority were talking to me about some intricacy in the banking system, John was sort of pulling me and asking if I'd look at his birthday card.". Asked if he looked at the card, he told the magazine, which will publish the interview on Thursday: "Of course I did.". (BBC News -- UK)
Regulator warns on 'suckers list' Dec 9, 2008
The Financial Services Authority (FSA) has warned 11,000 shareholders that they are on a boiler room's "suckers list" of potential victims. Boiler rooms are illegal share selling operations that sell worthless shares. (BBC News)
Carphone Warehouse Co-founder and Chief Quits Unexpectedly Dec 9, 2008
The Financial Services Authority hasn t given a comment yet on if they will probe into Ross s activities. Ross was the Chief Operating Officer for Carphone Warehouse from 1999 to 2003 and is the second biggest shareholder. (Merchant News)
Director of Britain's Carphone Warehouse resigns Dec 8, 2008
The Financial Services Authority declined to say whether it was investigating. The regulator's rules require directors to notify the company of dealings in its shares; dealing is defined broadly and includes using shares as collateral. (International Herald Tribune -- Technology)
Carphone co-founder quits over disclosure breach Dec 8, 2008
The Financial Services Authority declined to comment on whether it would be taking any action. The London mayor's office and London Organising Committee of the Olympic Games (LOCOG) had no immediate comment. (International Herald Tribune -- Technology)
FSA urges banks to buy bonds Dec 7, 2008
In an effort to boost banks' liquidity reserves, the Financial Services Authority yesterday recommended a proportion of their assets should be in the form of highly liquid government bonds. You have viewed your allowance of free articles. (Financial Times)
Review Still Leaves Consumers in the Dark Says Burgesses Dec 6, 2008
The Financial Services Authority's (FSA) Retail Distribution Review (RDR), published last week, unveiled widespread changes aimed at shaking up how the investment industry operates ... Financial Services Authority. (Yahoo News -- Press Releases)
Cowdery's Resolution Raises $881 Million in London IPO, Low End of Target Dec 6, 2008
Tiner is a former head of the U.K.s Financial Services Authority and will work under , CEO at the old Resolution, who will be chairman of the new company. Maidens, Newman and Meehan all worked at Cowderys previous Resolution. (Bloomberg -- UK)
The Lesson of the Rock Dec 5, 2008
The Financial Services Authority unveiled rules Thursday that would require banks to hold a larger proportion of high-quality assets as a buffer against a liquidity shortfall. The standards, under consideration for nearly a year, are aimed at avoiding the type of sudden crisis that led to the failure last year of Northern. (Wall Street Journal)
Bank rescue plans bolstered Dec 3, 2008
Bank disclosure rules will be changed allowing the Financial Services Authority to collect information from banks in trouble and share it with the Bank or government, the Treasury said. As previously announced, the bill increases the guarantee for bank savings to 50,000 pounds from 35,000 pounds per person, per bank -- responding to concerns about consumer protection after news of the troubles at Northern Rock last year sparked the first major run on a British bank in more than a century. (International Herald Tribune -- Technology)
Ex-Bank director to head review Dec 3, 2008
Mr Foot, who is UK chairman of Promontory Financial, a global financial services consultancy, was also a managing director of the Financial Services Authority in its early years and banking regulator in the Bahamas between 2004 and 2007. The review will cover the three Crown dependencies of Jersey, Guernsey and the Isle of Man, plus nine overseas territories with significant financial centres, including Bermuda, Cayman Islands and Gibraltar. (Financial Times)
Equity buffer for struggling homeowners Dec 3, 2008
Wednesday 3rd December 2008The Financial Services Authority (FSA) has issued a new report to , informing them to asses their management policies. Under new proposals, an extended period of forbearance will be given to borrowers who are experiencing difficulties. (Introducer Today)
Pension scheme buyouts protected Dec 3, 2008
A year or two ago, the idea of a major insurance company going under would have been almost laughable, given the high reserves that the Financial Services Authority (FSA) requires each insurer to hold. The joke though, has begun to fall somewhat flat. (BBC News)
Out in the cold Dec 2, 2008
"We started saving with a long-established British bank - Singer and Friedlander - in 2005. It was then taken over by Kaupthing in Iceland, but the bank was still regulated by the Financial Services Authority in Britain. "If there's any culpability here, it lies with the FSA." Today, the creditors and administrators of KSF held their first meeting at the Caf Royal on Regent Street in London. There Naomi House joined 26 other charities in launching "Save our Savings" and calling for government... (BBC News -- UK)
Treasury guarantees all deposits in failed London Scottish bank Dec 2, 2008
The administration was triggered on Sunday night after London Scottish's weak capital position prompted the Financial Services Authority to withdraw its authorisation for the bank to raise deposits. The bank's directors applied to the High Court, which appointed Ernst as administrator. (Independent)
New Star plunges 43% as FSA rejects request Dec 2, 2008
The company was left red-faced after it made public a request before the market opened yesterday for trading in its shares to be suspended that was rejected by the Financial Services Authority. It had argued that trading while talks with its lenders continued would create a false market as rumours circulated regarding the outcome of those talks. (Property Week News)
LSB administrator says has received buyer interest Dec 2, 2008
Accountants Ernst and Young was appointed as administrator for LSB on Sunday after the Financial Services Authority intervened to prevent the bank from accepting deposits because of a shortfall in its regulatory capital. In June this year, LSB reported a group loss of 7. (International Herald Tribune -- Business)
London Scottish Bank Files For Administration Dec 1, 2008
The Financial Services Authority took action on Sunday to impose a requirement on the company's permission to prevent it from accepting deposits and the company is therefore unable to renew maturing deposits. The U.K. Treasury and the Financial Services Compensation Scheme have confirmed that no FSCS Eligible Claimant will lose any money on their deposits as a result of the administration. (Fox News)
LV Strengthens its Enhanced Annuity Offering Nov 30, 2008
Sun Nov 30, 2:01 am ET. LV= strengthens its enhanced annuity offering meaning people with minor medical conditions could be entitled to higher levels of income. (Yahoo News -- Press Releases)
Regulator tells lenders to adopt reasonable repossession policies Nov 29, 2008
The Financial Services Authority yesterday warned 250 mortgage lenders that they faced disciplinary action if they breached rules on how to deal with borrowers facing difficulties with repayments. In its second warning in three months, the City regulator demanded a review of their policies by the end of January and outlined how customers in difficulty should be handled. (guardian.co.uk)
Saturday profile: A deafening silence greeted Crosby report Nov 29, 2008
"At the age of 52 Crosby is still at the younger end of the eminence grise spectrum. When he handed HBOS to his even more youthful protege and successor, Andy Hornby, he was expected to take on another big job. Yet he hasn't. There was talk he might aspire to head a non-banking PLC. He has not run out of time yet, but currently for Crosby there are only a smattering of jobs, including the non-executive directorships at Compass and ITV and a trusteeship of Cancer Research. His big job is the... (Scotsman)
Measures Announced to Stop Retail PPI Providers Ripping Off Consumers Nov 29, 2008
Sharing policy information with the Financial Services Authority for use in PPI comparison tables and also with Office of Fair Trading and wider public. Producing annual PPI statements containing similar information to the personal quote and encouraging customers to review their policies. (Yahoo News -- Press Releases)
Newspaper round-up Nov 28, 2008
The Financial Services Authority has strengthened investor confidence by altering the rules of the deposit protection scheme. The initiative will allow building societies that merge to keep their separate compensation limits. (Reuters UK)
Simon Treacher quits BlueBay Asset Management over alleged changes ... Nov 28, 2008
The alleged incident has been reported to the Financial Services Authority. Last night Mr Treacher was still listed as active in the FSA's register of authorised City workers. (Times Online)
Ground-Breaking Online Anti-Money Laundering Training Product Launched to Assist Investment Banks Nov 28, 2008
David Gordon, who was formerly Head of Compliance at Nomura International and Compliance Committee member at LIBA and is now Executive Director at , said: "With the 3rd Anti-Money Laundering Directive now in force firms need to demonstrate the substance, take-up and effectiveness of their anti-money laundering training to the Financial Services Authority (FSA). products substantially help firms to achieve this. We have aligned ourselves with leading investment banks in delivering this high... (Yahoo News -- Press Releases)
A killer blow for commission Nov 27, 2008
With all the furore surrounding the Pre-Budget Report this week, you could have been forgiven for missing the publication of a report yesterday by the Financial Services Authority. But this somewhat overlooked report, the Retail Distribution Review, is going to have a dramatic effect on the investment industry. (Times Online)
FSA fines both firm and employee for money laundering control failings Nov 27, 2008
For the first time, the Financial Services Authority (FSA) has fined an individual employee for failing to comply with anti-money laundering regulations. Sindicatum Holding Limited (SHL), a financial services company based in Canary Wharf, was fined 49,000 last month for having inadequate anti-money laundering systems and controls in place for verifying and recording clients identities. (Accounting Web, UK)
FSA raises deposit protection in building society mergers Nov 27, 2008
The Financial Services Authority said it had changed its rules so as to prevent building society mergers from diluting savers' deposit protection. As a result of the change, building societies that merge will remain separately guaranteed under the Financial Services Compensation Scheme, the government-funded safety net for savers. (International Herald Tribune -- Arts)
New Star halts property fund withdrawals Nov 26, 2008
The suspension is initially for 28 days, but the company will consult the fund's trustees, Royal Bank of Scotland, and the Financial Services Authority to extend the suspension. Gavin Haynes, managing director of financial advisers Whitechurch Securities, sold about 1m of units in New Star International Property during October. (guardian.co.uk)
Brown's `Churchill' Moment Masks Failure of U.K. Bank Regulator He Created Nov 26, 2008
Brown finds himself defending his own handiwork: the U.K.s financial regulator, the Financial Services Authority. He created the FSA, which oversaw banks during the meltdown, in his first year as chancellor of the exchequer, in 1997. (Bloomberg -- UK)
Citi news fuels Footsies biggest one-day rise Nov 25, 2008
4 per cent rise on the day in September when the Financial Services Authority banned short selling of financials. EDITORS CHOICE. (FT.com -- Markets)
FSA seeks retail investment fee transparency Nov 25, 2008
Retail investment advisers should be obliged to agree their fees upfront with customers, eliminating potential bias in favour of providers who pay commission, the Financial Services Authority said. The proposal is the main recommendation in an FSA review of the retail investment market, published on Tuesday, aimed at improving transparency and fairness for consumers. (International Herald Tribune -- Travel)
Barclays Abu Dhabi Bailout Incites Shareholders Vexed by Investment Terms Nov 25, 2008
In London, the Financial Services Authority, Britains banking regulator, blocked the deal, saying Barclays didnt have sufficient capital, according to people familiar with the negotiations. Offer Withdrawn. (Bloomberg)
UK unveils 20bn plan to revive economy Nov 25, 2008
Darling said that Adair Turner, the chairman of the Financial Services Authority (FSA), would review the agency's supervision. The FSA "is now considering changes across the regulatory system - including banks' capital requirements, liquidity conditions, accounting rules and pay structures", he said. (Business Report, South Africa)
Slow Pace of PPI Change Creates Problems for Consumers, Says Burgess Nov 24, 2008
Indeed each and every review undertaken by the Financial Services Authority has found significant problems within the PPI sector and despite the recommendations of the Competition Commission it will not be until the end of 2009 or even into 2010 that they are put in place ... Financial Services Authority. (Yahoo News -- Press Releases)
Have you heard the rumour? The FSA really doesn't like it Nov 20, 2008
But the Financial Services Authority is about to clamp down on malicious rumours. The City regulator warned yesterday that spreading false or misleading rumours about companies can be a "very damaging form of market abuse". (guardian.co.uk)
Lloyds TSB vote on HBOS takeover Nov 19, 2008
The Financial Services Authority has estimated HBOS would have to raise 12bn if the takeover did not go ahead. Mr Darling was later accused by an SNP MSP of seeking to scupper plans that could keep HBOS independent. (BBC News -- UK)
