FSA has fined Toronto Dominion Bank (London Branch) £7 million for failures in pricing sophisticated financial products. FSA found the branch had not followed its own procedures so the books of the proprietary trader which revealed the pricing issues had not been independently verified, and there were insufficient controls to identify the problem. The fine is FSA's fourth largest and emphasises FSA's concern over repeat offences, because it fined the branch in 2007 as of actions by a trader to create fictitious trades.