FSA hits bank with £7m fine

The fine, the bank's second fine for the same offence, follows systems and controls failings around the pricing of financial products which forced the bank to make a negative adjustment of CAD$96m in July 2008. Pricing irregularities were uncovered on a proprietary trader's books within Toronto Dominion's Credit Products Group. The FSA also found the bank failed to ensure the trader's books were independently checked, and did not have adequate controls in place which could have detected the pricing issues. In November 2007, the regulator fined Toronto Dominion £490,000 when fixed i...