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15th of September 2010
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News Tag: fine

September 9, 2010

UK Watchdog fines Goldman Sachs £20m

by Kay Murchie
UK Watchdog fines Goldman Sachs £20m
Investment banking giant Goldman Sachs has been fined £20 million ($31 million) by the UK’s Financial Services Authority (FSA). The fine comes after Goldman failed to inform the FSA it was under investigation for fraud by its US counterpart. The FSA and Goldman Sachs have declined to comment but according to the BBC, the multi-million pound fine is one of the heaviest ever ...

July 27, 2010

FSA fines Rock’s former finance director

by Kay Murchie
The Financial Services Authority (FSA) has fined David Jones, Northern Rock's former finance director, for the misreporting of mortgage arrears at the bank. The Watchdog has fined Mr Jones £320,000 and banned him from performing any function in relation to any regulated activity. The fine comes after former deputy chief executive, David Baker, and former credit director, Richard Barclay, were fined a total ...

June 3, 2010

JP Morgan Securities receives record fine

by Kay Murchie
A record fine for JP Morgan Securities has been imposed by the Financial Services Authority (FSA) for failing to protect client money over a period that spanned almost seven years. The largest ever fine of £33.32 million ($48.2 million) would have actually been £47.6 million but the firm agreed to co-operate during the investigation, thereby receiving a 30% discount. According to the FSA, ...

April 29, 2010

Standard Life posts 30% rise in Q1 sales

by Kay Murchie
Edinburgh-based insurer, Standard Life, has today posted a 30% rise in sales for the first quarter of 2010 - far exceeding analysts expectations. The insurer said global sales grew to £4.6 billion in the first three months of the year compared with £3.56 billion in the same period a year ago. Long-term UK savings sales grew by 35% to £3.3 billion ...

January 20, 2010

Standard Life fined £2.45m

by Kay Murchie

November 5, 2009

Swiss bank UBS fined £8m

by Kay Murchie
Swiss banking giant UBS has been fined £8 million by the Financial Services Authority (FSA) - the third largest penalty ever handed out by the UK regulator. However, the fine would have been £10 million but the Swiss bank agreed to settle with the FSA at an early stage. The bank, which is Switzerland’s fourth largest, was fined for failing to stop four ...

October 29, 2009

New precedent for mortgage lenders treating customers unfairly

by Gill Montia
One of the UK's leading sub-prime mortgage lenders has been fined £2.8 million by the Financial Services Authority (FSA) for not treating its customers fairly. GMAC-RFC has also agreed to repay up to £7.7 million in total, plus interest, to over 46,000 of its mortgage customers. The FSA says the case sets a precedent in that its investigation at GMAC were ...

September 24, 2009

MIB reveals uninsured drivers report

by Kay Murchie
The Motor Insurers' Bureau (MIB) has revealed that London has the highest number of uninsured drivers after a report discovered that more than 1.7 million people drove without cover last year. Thirteen percent of vehicles in Greater London were found to be driven illegally - the highest proportion for any region. The Bureau, which compensates people in accidents with uninsured drivers, said ...

September 8, 2009

FSA fines Barclays £2.45m for reporting failures

by Kay Murchie
The Financial Services Authority (FSA) has fined banking giant Barclays £2.45 million for reporting flaws. However, by agreeing to settle at an early stage, Britain’s second largest bank qualified for a 30% discount. According to the City watchdog, Barclays failed to report details of trade transactions accurately and was guilty of "serious” breaches in systems and controls. Furthermore, there were "a substantial number ...

July 22, 2009

HSBC fined £3.2m for loss of data

by Kay Murchie
Three HSBC firms have been fined £3.2 million for losing customers' confidential details, the Financial Services Authority (FSA) said today. However, the fines would have totalled more than £4.5 million had the three firms not agreed to settle at an early stage, therefore receiving a 30% discount. According to the FSA, HSBC Life lost an unencrypted CD with the ...

March 2, 2009

Mobile phone convicts pay more for car insurance

by David Masters
Motorists who have been caught using their mobile phone whilst driving pay higher insurance premiums, research by AA Insurance has discovered. Increased premiums quadruple the cost of being caught, as the average premium increase is around four-times the cost of the standard fine. Meanwhile, drivers found guilty of dangerous driving whilst using a mobile find it difficult to find any insurance ...

January 8, 2009

FSA imposes largest fine ever to Aon for ’suspicious payments’

by Kay Murchie
The Financial Service Authority (FSA) has fined the UK arm of the insurance broking group, Aon, £5.25 million for ‘suspicious payments‘. Aon, the UK subsidiary of Aon Corporation of the US, has made 66 suspicious payments worth $7 million (£4.6 million) to people and firms overseas to help it win or retain business overseas. The countries were Bahrain, Bangladesh, ...

December 16, 2008

New Halifax account simplifies interest payments

by David Masters
Halifax has announced a new current account that will charge overdrawn customers up to £2 per day. The Halifax Reward Account offers fixed cash payments for customers in credit, and fixed daily charges for overdrawn accounts. Customers who deposit more than £1,000 into their account at least once per month will be rewarded with a fixed monthly sum of £5, regardless of their ...

October 7, 2008

Record fine for A&L for mis-selling PPI

by Kay Murchie
The Financial Services Authority (FSA) has given Alliance & Leicester (A&L;) a record fine of £7 million for mis-selling payment protection insurance (PPI). The FSA found that the bank had trained its staff to put pressure on customers who questioned the inclusion of optional PPI in a loan. During the period January 2005 to December 2007, A&L; sold around 210,000 ...

September 25, 2008

GE Money fined £1.12m for mismanaging mortgage accounts

by Gill Montia
GE Money fined £1.12m for mismanaging mortgage accounts
GE Money Home Lending has gained notoriety for being the first mortgage lender to be fined by the Financial Services Authority (FSA) because of inadequacies in its lending processes. The firm has been fined £1.12 million for mismanaging customers' mortgage accounts. The mortgages in question contained "retention" clauses that allowed the lender to withhold a sum from the mortgage advance until ...

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