The FSA has fined Toronto Dominion Bank (London Branch) £7 million for repeated system and control failings in relation to the pricing of sophisticated financial products which forced the bank to make a negative adjustment of CAD$96 million in July 2008. The pricing issues were uncovered on a proprietary trader's books within the bank's Credit Products Group. Amongst other failings, the FSA found that Toronto Dominion failed to follow their established procedures in ensuring the trader's books were independently verified and did not have adequate controls in place which could have detected the pricing issues. This follows an earlier FSA fine in 2007 for failing to recognise mismarked positions on a trading book of a trader that entered fictitious trades on behalf of the bank. Margaret Cole, FSA director of enforcement and financial crime, said the fine "underlines the seriousness with which the FSA views repeat offences."