October 30th, 2012 / Insight posted in

Financial Services Round Up – Good Months and Bad Months – May

Good month
Lloyds has seen an improvement in its results having strengthened its balance sheet. The results saw a profit of £288m compared with a £3.7 billion loss made in the same period last year, even after providing £375m for PPI claims. The news was reflected in an 8.3% rise in the share price.


Bad month

An independent firm of specialist financial planners and portfolio managers Christchurch Investment Management have been fined £26,600 for protection of client money failings. Their compliance officer, David Thornberry has been fined £11,500 and perhaps more significantly, banned from acting as a compliance officer.

For more information please visit the FSA’s website, www.fsa.gov.uk

 

Ian Hannam, Chairman of Capital Markets at JP Morgan Cazenove has had a Decision Notice issued declaring that the FSA has made the decision to issue a £450,000 fine for market abuse relating back to 2008. The matter has been referred to the Upper Tribunal , where a decision will be made whether to uphold or cancel the FSA’s decision. Former SAS man Hannam is a well known City figure and the case is bound to receive a lot of attention.

For more information please visit the FSA’s website, www.fsa.gov.uk

 

“The Queen’s Bank”, Coutts, has been fined £8.75million for anti-money laundering control failings. The failings were described as “serious and systemic”. The firm failed to gather appropriate due diligence in 71% of the cases looked at by the FSA focussing on high-risk individuals. Based on these findings, its no wonder Coutts agreed to settle early to obtain a 30% discount on the fine!

For more information please visit the FSA’s website, www.fsa.gov.uk