Split caps penalties - papers 9th August

Yet to be made public, the notices are thought to include fines of up to £3m and potential bans from working in the City for those involved in the processes that ended up causing losses of about £400m for some 50,000 investors. Previously, some 18 out of 22 firms involved agreed a £194m settlement with the FSA at the end of 2004. One of those that did not, BFS Investments, has since gone into liquidation, with its liquidator Grant Thornton confirming it has received a censure notice from the FSA, the paper writes. DESPITE MEL SMITH surrendering his Churchillian cigar at the Edinburg...