Fines table - 2008
This table contains information about who the FSA has fined during 2008.
Total amount of fines in 2008 - £21,915,374.36.
| Amount | Company or person fined | Date | What was the fine for? | Compensation |
|---|---|---|---|---|
| £117,691.41 | Mr Richard Ralph | 13/11/08 | For dealing in Monterrico's shares on the basis of inside information. | |
| £81,982.95 | Mr Filip Boyen | 13/11/08 | For dealing in Monterrico's shares on the basis of inside information. | |
| £1,120,000 | AWD Chase de Vere Wealth Management Ltd | 11/11/08 | For serious failings in its pension transfer, pension annuity and income withdrawal business that resulted in mis-selling. | |
| £49,000 | Sindicatum Holdings Limited | 29/10/08 | For not having adequate anti-money laundering systems and controls in place for verifying and recording clients' identities. | |
| £17,500 | Michael Wheelhouse | 29/10/08 | For not having adequate anti-money laundering systems and controls in place for verifying and recording clients' identities. | |
| £34,500 | Orchid Financial Limited | 16/10/08 | For failing to ensure it provided suitable advice which exposed over 900 customers to the risk of being sold an unsuitable mortgage | |
| £30,000 | Gary Howes | 16/10/08 | For shortcomings in their mortgage business which put financially vulnerable customers at risk and the firm at risk of being used for mortgage fraud. | |
| £30,000 | William John Evans | 16/10/08 | For shortcomings in their mortgage business which put financially vulnerable customers at risk and the firm at risk of being used for mortgage fraud. | |
| £10,500 | Derrick Hales Financial Planning Ltd | 09/10/08 | For failures relating to the sale of geared traded endowment policies | |
| £35,000 | Knowlden Titlow Financial Services Ltd | 09/10/08 | For failures relating to the sale of geared traded endowment policies | |
| £7,000,000 | Alliance & Leicester Plc | 07/10/08 | For serious failings in its telephone sales of payment protection insurance | |
| £28,000 | TBO Investments Ltd | 02/10/08 | For failing to clearly document the explanation of the risks of transactions to clients. | |
| £100,000 | Stephen Jones | 30/09/08 | For exposing about 1500 customers to the risk of receiving unsuitable advice. | |
| £7,000 | Simon Poole | 30/09/08 | For exposing 750 clients to the risk of purchasing unsuitable mortgages. | |
| £1,120,000 | GE Money Home Lending | 25/09/08 | For systems and controls failings that resulted in 684 borrowers with a regulated mortgage contract suffering financial loss in excess of £2.3 million before redress was later paid to them by the firm. | |
| £52,500 | Steven Harrison | 08/09/08 | For accepting that he was given inside information although he failed to recognise this at the time | |
| £63,000 | Approved Financial Solutions Ltd | 04/09/08 | Failed to ensure it gave suitable advice, and did not communicate accurate information about mortgage charges to its customers | |
| £51,100 | GK Group Limited | 21/08/08 | For serious breaches relating to the sale of Payment Protection Insurance (PPI) | |
| £28,000 | George White Motors Limited | 21/08/08 | For serious breaches relating to the sale of Payment Protection Insurance (PPI) | |
| £61,600 | Park's of Hamilton (Holdings) Limited | 21/08/08 | For serious breaches relating to the sale of Payment Protection Insurance (PPI) | |
| £35,000 | Ringways Garages (Leeds) Limited & Ringways Garages (Doncaster) Limited | 21/08/08 | For serious breaches relating to the sale of Payment Protection Insurance (PPI) | |
| £5,600,000 | Credit Suisse | 13/08/08 | For breaching FSA Principles 2 and 3 by failing to conduct their business with due skill, care and diligence and failing to organise and control their business effectively | |
| £100,000 | Omotayo Fawole | 11/08/08 | For submitting false mortgage applications | |
| £840,000 | Liverpool Victoria Banking Services Limited | 30/07/08 | For serious failings in the sale of single premium Payment Protection Insurance (PPI) | |
| £735,000 | Hastings Insurance Services Ltd | 28/07/08 | For failing to treat its customers fairly in relation to cancelling around 4,550 incorrectly priced car insurance policies | |
| £35,000 | PMSG Insurance Services Ltd | 23/07/08 | For failing to ensure advice given to customers was suitable and for not organising its business responsibly and to properly manage risk | |
| £11,900 | Mortgage Master (Glasgow) Limited | 15/07/08 | For failing to adequately supervise an adviser, resulting in applications containing false and misleading information being submitted to lenders | |
| £16,000 | Baljit Somal | 10/07/08 | For selling high risk shares to customers without their consent and using unacceptable sales tactics | |
| £17,500 | Robin Knox | 09/07/08 | For lacking competence and capability and for failing to ensure his firm had proper systems and controls in place for the nature of the business it conducted | |
| £129,000 | Sadia Nasir | 07/07/08 | Finding she had been involved in numerous fraudulent mortgage applications | |
| £85,000 | John Shevlin |
01/07/08 | Established a short position equivalent to 80,000 Body Shop shares through a Contract for Difference ("CFD"), in effect betting that the share price would fall. This trade was made on the basis of inside information | |
| £77,000 | Merchant Securities Group Limited | 17/06/08 | For not adequately protecting its customers from the risk of identity fraud | |
| £350,000 | Woolworths Group Plc | 12/06/08 | For failing to disclose information to the market in a timely manner | |
| £10,500 | Andrew Jeffreys (trading as Chepstow Financial Services) | 10/06/08 | For failures in the sales process he used for self certification mortgages | |
| £11,900 | Mortgage House | 22/05/08 | For inadequate sales procedures which meant they could not demonstrate that they had recommended affordable mortgage contracts that met their clients' needs | |
| £14,700 | Countrywide Management Consultancy | 22/05/08 | For inadequate sales procedures which meant they could not demonstrate that they had recommended affordable mortgage contracts that met their clients' needs | |
| £640,000 | UNAT DIRECT Insurance Management Limited | 21/05/08 | For failings relating to a lack of effective control and oversight over its appointment of call centres | |
| £900,000 | Thinc Group Limited | 15/05/08 | For not having adequate risk management and compliance systems for its sub prime mortgage business and for failing to take reasonable care to ensure that is had records to prove that advice it gave to customers in relation to the sale of sub prime mortgages was suitable | |
| £210,000 | Land of Leather Limited | 12/05/08 | For allowing its sales force to sell PPI on loans without effective monitoring or training in place to ensure that the insurance was being sold fairly | |
| £14,000 | Mr Briant | 12/05/08 | For failing to properly oversee the sale of PPI by Land of Leather Limited | |
| £10,500 | Chariot Mortgage Services Limited | 15/04/08 | For failing to take reasonable steps to ensure the suitability of advice given to customers and failed to pay due regard to the information needs of its clients and to communicate with them in a way which was clear, fair and not misleading | |
| £525,000 | Liberata Financial Services Limited | 09/04/08 | For failures in its systems and controls for producing and issuing documents to life and pensions policyholders. | |
| £122,500 | Mansion House Securities Limited | 02/04/08 | For giving customers unsuitable and inaccurate advice when selling higher risk shares | |
| £31,500 | Blake Independent Financial Services Limit | 19/03/08 | For failing to maintain adequate capital and for providing misleading financial information to the FSA | |
| £21,000 | Mr Mohammed Suba Miah | 11/02/08 | For selling high risk shares to customers without their consent and deliberately misleading customers by not explaining the risks involved with such shares | |
| £1,085,000 | HFC Bank Ltd | 16/01/08 | For failing to take reasonable care to ensure that the advice it gave customers to buy Payment Protection Insurance (PPI) was suitable, and for failing to have adequate systems and controls for the sale of PPI |
|
| £250,000 | Square Mile Securities Limited | 14/01/08 | For persistently using high pressure sales tactics and misleading information to sell customers shares they did not want or could not afford |