Fines table - 2008
This table contains information about who the FSA has fined during 2008.
Total amount of fines in 2008 - £4,568,000.
| Amount | Company or person fined | Date | What was the fine for? | Compensation |
|---|---|---|---|---|
| £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. |