View more on these topics

FSA blunder “fines” 400 firms for overdue returns

The FSA has mistakenly requested a £250 fine from 400 firms who were told they owed the penalty for overdue regulatory returns.

An email was sent to 400 firms yesterday which was intended to remind firms about an upcoming deadline to submit their regular returns to the regulator.

Instead firms received a different email which told them that they had missed the deadline and were now subject to a £250 penalty.

An FSA spokeswoman says: “We send out a standard email reminder to firms ahead of them having to submit information to us. We sent out the wrong email which basically said ’you have missed the deadline.’

“As soon as we realised the error we sent out a second email later that day apologising to the firms affected.”


News and expert analysis straight to your inbox

Sign up


There are 4 comments at the moment, we would love to hear your opinion too.

  1. Perhaps a case of “fat finger syndrome” at the FSA?!

  2. I assume the person responsible will be fined and lose their Job. oops Pink Pigs may Fly. One rule for the regulators and one for the rest of us.

  3. A spokesperson for the FSA said: “Yeah, I know, we screwed up yet again, it happens all the time, but don’t make a big thing of it, we’re only public sector workers after all.”

  4. Julian, you naughty boy!

Leave a comment


Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm