The FSA has fined Credit Suisse International and Credit Suisse Securities (Europe) Limited, the UK operations of Credit Suisse, £5.6 million for failing to detect in a timely manner mismarkings and pricing errors in respect of certain asset-backed securities by a small number of traders, or follow up identified concerns with tangible or timely actions, in breach of Principles 2 and 3 (Credit Suisse International and Credit Suisse Securities (Europe) Limited, 13 August 2008).

The FSA has prohibited and withdrawn its approval of an individual and prohibited his wife for making a joint personal loan application using false information. The FSA cancelled the Part IV Permission of one of the firms which employed them, on the basis that there were no longer any regulated activities for which it held permission (Ian Stuart James, 11 August 2008; Nicola Jane James, 11 August 2008; Orchard House Mortgages Limited, 11 August 2008).

The FSA has prohibited and withdrawn its approval of an individual and fined him £100,000 for making mortgage applications using false information. The FSA has cancelled the firm’s Part IV Permission on the basis that the individual was the only approved person and the main controller of the firm (Omotayo Fawole, 8 August 2008; Oasis Mortgages and Financial Services Limited, 8 August 2008).

The High Court has held that: (1) the assignment by investors of third party claims to the Financial Services and Compensation Scheme (“FSCS”) was not void or ineffective; and (2) compensation paid by the FSCS was not to be taken into account in the calculation of loss recoverable by the FSCS as assignee of the investors’ claims in its claim against the defendant (Financial Services Compensation Scheme Ltd v Abbey National Treasury Services Plc [2008] EWHC 1897 (Ch))

View FSA Final Notice - Credit Suisse International and Credit Suisse Securities (Europe) Limited, (PDF 105KB), 13 August 2008

View FSA Final Notice - Ian Stuart James, (PDF 50.6KB), 12 August 2008

View FSA Final Notice - Nicola Jane James, (PDF 49.1KB), 12 August 2008

View FSA Final Notice - Orchard House Mortgages Limited, (PDF 27.6KB), 12 August 2008

View FSA Final Notice - Omotayo Fawole, (PDF 41.4KB), 8 August 2008

View FSA Final Notice - Oasis Mortgages and Financial Services Limited, (PDF 36KB), 8 August 2008