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FSA didn’t consult on fine let-off

The FSA did not consult the Government or HM Revenue & Customs before deciding not to fine HBOS following “very serious misconduct” at subsidiary Bank of Scotland.

This month, the FSA publicly censured Bank of Scotland for the misconduct, which it says contributed to the Government having to bail out HBOS.

Turner said the regulator did not consult the Government or HMRC before making the decision not to levy a fine against HBOS.

Turner said: “If we had imposed a fine it would have been to the disadvantage of both the private and taxpayer sharehol-ders of Lloyds and would have been a benefit to the rest of the financial services industry through a rebate of the levy. We took the point of view that by imposing a large fine we would be hitting the taxpayer twice.”

John Charcol senior technical manager Ray Boulger says: “This sets an interesting precedent. I think it is a rather questionable judgement, given that other publicly owned firms in other sectors have received fines in the past.”


Budget 12: Top rate of income tax will fall to 45p

The top rate of income tax will be cut from 50p to 45p from April 2013. The cut was announced by Chancellor George Osborne in today’s Budget. He said an HRMC report shows the increase in the top tax rate from 40p to 50p has raised just one third of the £3bn expected. Osborne said: […]


FSA: Failed bank bosses could be banned from top jobs

The FSA is putting together plans which could see former directors of failed banks being banned from running financial institutions. The regulator’s business plan, published yesterday, says the FSA will is looking at a number of ways to make it easier to refuse an approved persons application. The FSA will set these out is a […]

What advisers are saying: business protection

Last week I was bold/stupid enough to suggest that as an industry we can be too eager to dive into the technical nitty gritty and gloss over some of the simple but important bits – understanding the stuff people like and want, then delivering said stuff in a way that floats their boat (marketing anyone?). […]

Foster Denovo appoints new director of sales and marketing

Foster Denovo has appointed Darren Laverty as its new director of sales and marketing. The position is new and will see Laverty join the partnership executive team, reporting to the board. He was a partner at FD’s employee benefits subsidiary Secondsight. As part of his role, Laverty will continue to work closely with Secondsight, leading […]

European Opportunities: 'It’s nice when stock selection results in a macro tailwind'

Amid significant macro headwinds in August, Mark Page explains why his fund’s focus on stock selection has helped it outperform a falling market in August. BESbswyBESbswyBESbswyBESbswyBESbswyBESbswyBESbswyBESbswyBESbswyBESbswyBESbswyBESbswy


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There is one comment at the moment, we would love to hear your opinion too.

  1. But it’s okay for the bank to continue paying bonuses at the expense of the tax payer? And for the FSA to continue paying bonuses despite not having taken action to avert this particular train crash? And for no individuals to be held to account?

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