fines

The retail sector is bearing the brunt of FSA fines in an indication it is being targeted by a retail-focused regulator, said compliance firm Wolters Kluwer Financial Services.

The FSA has fined a Canadian trading platform £8m for serious market abuse but the firm has referred the matter to the Upper Tribunal.

The Financial Services Authority has fined insurance intermediary Willis Ltd £6.9m for anti-bribery and corruption systems and controls failings.

Benefit claimants will be fined instantly if they negligently give wrong information on their claim.

The government today published proposals for reforming the anti-money laundering requirements on businesses.

The Financial Services Authority (FSA) has fined the Bank of Scotland (BOS) £3.5m for failures in handling customer complains, and secured £17m in compensation for customers.

The FSA collected £96.7m in fines in the 12 months to the end of March, almost trebling the £33.1m taken during the previous year.

Two unnamed with-profits providers have been referred to the FSA's enforcement division for "governance failings".

HMRC will bring in harsh new penalties for evading income and capital gains tax abroad from 6 April.

The FSA has fined a former research analyst £50,000 for making misleading and inaccurate disclosures to clients through Bloomberg instant messenger.