Nomura International Plc ("Nomura") has been fined £1.75 million for breaches of Principles 2 and 3 of the FSA’s Principles for Businesses. The breaches arose from a large number of serious failings in relation to book marking and organisation and control around book marking within the International Equity Derivatives ("IED") business of Nomura. The failings were considered to be extremely serious as: (i) there were fundamental and systematic control failings spread across two key areas, Product Control and Front Office; (ii) the failings persisted for a prolonged period of time; and (iii) the systems and controls around marking the IED book fell far short of those expected at a financial institution such as Nomura in relation to a business trading complex and high risk financial products.
View FSA Final Notice - Nomura International Plc, 16 November 2009.
A sole trader ("RF"), trading as Lifestyle Mortgages (Kirklees) ("Lifestyle Mortgages"), has been prohibited from performing any function in relation to any regulated activity carried on by any authorised person, exempt person or exempt professional firm on the basis that RF's conduct has demonstrated a lack of honesty and integrity. RF was convicted of a dishonesty offence and two counts of financial crime offences for which he was sentenced to 11 years imprisonment on 7 April 2009. The financial crimes were committed whilst RF was trading as Lifestyle Mortgages and involved the submitting of a number of false mortgage applications through Lifestyle Mortgages to a lender, using genuine details but without the owners' knowledge, or after fraudulently altering the details of owners held at the Land Registry.
View FSA Final Notice - Rashid Farid, 19 November 2009.