The FSA has banned the directors of an appointed representative from holding significant influence functions and fined this father and son team £38,383 and £31,838 respectively. These sanctions related to misleading promotions of an investment scheme, which were prepared without undertaking adequate due diligence of the scheme or a sufficient understanding of its nature, and the unauthorised transfer of investors’ funds. The FSA also fined City Gate Money Managers Ltd £42,000, which had approved the relevant financial promotions, on the basis that its systems and controls for approving such promotions were inadequate. (Timothy James Marlow , Neil David Marlow , City Gate Money Managers Limited 20 July 2009).  

The FSA has fined three firms within the HSBC group for inadequate systems and controls to protect customers’ confidential data from being lost or stolen. HSBC Life UK Limited was fined £1,610,000, HSBC Actuaries and Consultants Limited was fined £875,000 and HSBC Insurance Brokers Limited was fined £700,000 (HSBC Life (UK) Limited, HSBC Actuaries and Consultants Limited, HSBC Insurance Brokers Limited, 20 July 2009).