Financial Conduct Authority v Da Vinci Invest Ltd  EWHC 2401 (Ch)
The High Court has ruled for the first time, exercising its powers under s.129 of the Financial Services and Markets Act 2000 to impose penalties totalling £7,570,000 against Da Vinci Invest Ltd, Mineworld Ltd, Mr Szabolcs Banya, Mr Gyorgy Szabolcs Brad and Mr Tamas Pornye in relation to their involvement in committing market abuse. It has also granted final injunctions to restrain market abuse under s.381 under the Act. This is the first time that these powers have been used.
FCA, 5 August 2015
Pension Ombudsman finds in favour of Hargreaves Lansdown Vantage SIPP
The Pensions Ombudsman has reported on a decision in relation to the Hargreaves Lansdown Vantage SIPP whereby the complainant said that the trustees of the SIPP, failed to exercise their discretionary power to award the death benefits available to her on a timely basis and consequently suffered significant financial loss and distress. The outcome was not upheld.
Pensions Ombudsman, 31 July 2015