Futures | Commodities | Forex
FSA sanctions London metals trader
Posted by Elan Mendel on Sep 21, 2011 Posted by Elan Mendel on Sep 21, 2011 in Enforcement Actions, Featured, Social Media, U.K. FSA | 0 comments
The U.K. Financial Services Authority (“FSA”) issued a release today publicly censuring London metals trader Jason Geddis. In November of 2008, while employed at Dresdner Kleinwort Limited, Geddis built up a very large position in short term Lead contracts, enabling him to drive up prices to...Former Citigroup VP caught in palladium and platinum trading fraud
Posted by Elan Mendel on Aug 9, 2011 Posted by Elan Mendel on Aug 9, 2011 in CFTC, Enforcement Actions, Featured, National Futures Association ("NFA"), Social Media, U.K. FSA | 0 comments
The CFTC has secured a default judgement order against Otmane El Rhazi requiring him to pay $1.49 million in restitution and civil monetary penalties. El Rhazi, a former futures and option trader and Vice President of Citigroup Global Markets Ltd in the United Kingdom, was accused of non-competitive trading,...Retail forex non-segregation to be eliminated in the UK
Posted by Elan Mendel on Aug 5, 2011 Posted by Elan Mendel on Aug 5, 2011 in Featured, Forex, New Rules, Social Media, U.K. FSA | 0 comments
The UK Financial Services Authority has published a proposed rule that would put an end to Title Transfer Collateral Arrangements (“TTCA”) used in foreign exchange (“forex”) trading with retail clients. In December 2010, the FSA introduced a prohibition on TTCAs used in spread bets...Forex broker iForex suspended and fined by Hungarian regulator
Posted by Elan Mendel on Jul 27, 2011 Posted by Elan Mendel on Jul 27, 2011 in Enforcement Actions, Featured, Forex, Social Media, U.K. FSA | 4 comments
iForex, a online foreign exchange (“forex”) broker, has been fined and had its operating license suspended by the Hungarian Financial Supervisory Authority (“HFSA”). The Authority claims that it uncovered violations of consumer-protection rules, including instances of forex fraud and...FSA wins judgment against exploitative land bank
Posted by Felix Shipkevich on Jun 30, 2011 Posted by Felix Shipkevich on Jun 30, 2011 in Enforcement Actions, Social Media, U.K. FSA | 0 comments
The U.K. Financial Services Authority (“FSA”) announced today that it has won summary judgment against Stephen Watkins and his firm, Consolidated Land UK. Watkins has been ordered to pay £920,000 back to his victims, and is banned from selling land in the UK. Through his company, Consolidated...UK FSA unveils FCA’s approach to fighting financial crime
Posted by Elan Mendel on Jun 22, 2011 Posted by Elan Mendel on Jun 22, 2011 in Featured, Social Media, U.K. FSA | 0 comments
At a Financial Crime Conference in London today, the acting director of the Financial Services Authority’s Enforcement and Financial Crime Division, Tracey McDermott, outlined the crime-fighting strategy that will be used by the Financial Conduct Authority once it takes over from the FSA. “We...UK FSA fines and bans independent trader for market abuse
Posted by Elan Mendel on Jun 20, 2011 Posted by Elan Mendel on Jun 20, 2011 in Enforcement Actions, Featured, Social Media, U.K. FSA | 0 comments
The UK Financial Services authority, or FSA, announced last week that it has fined self-employed trader Barnett Michael Alexander £700,000 for committing market abuse, and has ordered him to pay £322,818 in restitution to firms who were harmed by his actions. He is also banned from performing any...FSA finalizes consumer complaint rules
Posted by Elan Mendel on Jun 2, 2011 Posted by Elan Mendel on Jun 2, 2011 in New Rules, Social Media, U.K. FSA | 0 comments
Late last week the UK Financial Services Authority (FSA) confirmed a new consumer-complaint-handling rule. These changes come as part of a industry-wide effort to raise consumer relations standards. The rule includes provisions to:Abolish the “two-stage” complaints-handling rule so that...FSA says PRA to use “significantly different” supervisory style for bank regulation
Posted by Felix Shipkevich on May 23, 2011 Posted by Felix Shipkevich on May 23, 2011 in U.K. FSA, Uncategorized | 0 comments
Yesterday, the UK Financial Services Authority (FSA) and the Bank of England announced they have jointly published a paper entitled: “The Bank of England, Prudential Regulation Authority: Our approach to banking supervision.” The paper considers the future of the Prudential Regulation Authority...FSA fines N&P £1.4 million
Posted by Elan Mendel on Apr 20, 2011 Posted by Elan Mendel on Apr 20, 2011 in U.K. FSA | 0 comments
The Financial Services Authority (FSA) has fined Norwich and Peterborough Building Society (N&P) £1.4 million for failing to give its customers suitable advice in relation to the sale of Keydata products. N&P will make payments to all customers to ensure they do not lose out as a result of their...
