Financial Services Authority (FSA)
Harsher stress tests described in new FSA risk outlook
The UK Financial Services Authority has outlined a new, more severe stress scenario for banks in its latest Financial Risk Outlook, published today. The regulator noted that its 2009 stress scenario had more or less come to pass. Gross domestic product (GDP) actually fell slightly more than in the...
FSA says corporate governance drive for non-executive directors will continue
The Financial Services Authority (FSA) has warned it will continue its drive to improve competency levels of non-executive directors at financial firms. In a speech at the regulator’s Building...
Remuneration: it's payback time
Disgruntled taxpayers and their political representatives are set on revenge, making bankers pay for their mistakes through compensation taxes and restrictions. But a more constructive approach will...
FSA fines Tenon over structured products; more firms to follow
The UK’s Financial Services Authority (FSA) has fined RSM Tenon Financial Services (Tenon) £700,000 for “significant failings” in its advice and sales processes regarding Lehman...
FSA censures Park Row Associates with £7.8m bill over misadvised customers
The Financial Services Authority (FSA) has publicly censured Park Row Associates, a network of UK independent financial advisers, and agreed a customer redress settlement with the firm of between £...
FSA clamps down on abusive sales of penny shares
The Financial Services Authority (FSA) has announced two enforcement actions in as many days for the abusive selling of ‘penny share’ stocks to consumers. On Thursday, the UK regulator said...
Where there’s a will…
Living wills have quickly emerged as a new measure to ensure banks are better prepared for the next crisis. But clear definitions of exactly what information they should contain and how they should...
UK FSA fines Genel Enerji execs £1.16 million for market abuse
Three executives at Turkish oil company Genel Enerji have been fined a combined £1.16 million for market manipulation. The UK Financial Services Authority (FSA) says the senior managers used insider...
UK FSA bans broker for failing to prevent mortgage fraud
The UK Financial Services Authority (FSA) has banned a London-based mortgage broker for incompetence and failing to prevent fraud. The authority said Kevin Byrne, working at Forest Financial, lacked...
UK tells European Commission it will not apply CCD to mortgage lending
The UK Treasury and the Financial Services Authority (FSA) have penned a joint response to a questionnaire from the European Commission, saying there are no plans to extend the Consumer Credit Directive...
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