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Bear Stearns receives 40,000 FSA fine

The FSA is fining Bear Stearns International 40,000 for failing to report contracts for differences transactions.

During a review of trading, the FSA discovered that BSIL had inadvertently failed to report any of its CFD transactions to the FSA since August 2001, which is when the firm began to undertake CFD business.

The FSA says: “Accurate transaction reports are critical to the FSA’s ability to maintain confidence in the financial markets and reduce financial crime. “

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Quick guide set to replace key features

Key features documents are to be replaced with a document highlighting the benefits and risks of investment products. The document, dubbed the quick guide, will form one of the main pillars of a wider disclosure package for investment products which will eventually replace the key features regime. The FSA proposes that the guide will be […]

Consumer goods

I do not know what was behind Nic Cicutti’s intemperate article on the Financial Services Consumer Panel in general and on me in particular (Money Marketing, July 28), especially as its level of inaccuracy was more Private Eye than Money Marketing.

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