Property fund guilty of breaking FSA takeover rules

The judge at the City of Westminster Magistrates Court yesterday imposed a £1,000 penalty on Semperian PPP Investment Partners, saying the fund had taken a calculated risk the FSA would not prosecute.   Semperian notified the FSA in mid December 2008 it proposed to acquire the authorised firm but failed to wait for FSA approval before completing the deal three weeks later. FSA director of enforcement Margaret Cole says: "This is an example of a controller putting its commercial interests before its regulatory responsibilities and the FSA is taking a much tougher line with those t...