View more on these topics

FSA fines Russian oil company £300,000

The FSA has fined Russian oil exploration company Exillon Energy £292,950 for failing to identify and disclose £930,000 of payments to its former chairman and beneficiary Maksat Arip.

Between January and December 2010, Exillon made the payments to and on behalf of Arip, then chairman and beneficiary of the firm’s major shareholder.

Exillon was admitted to trading on the Main Market of the London Stock Exchange on December 17, 2010 but failed to notify the regulator of the payments in time.

Some of the payments were used for private expense but most were requested for business but reclassified as private after Arip failed to produce business expense receipts.

Between October and December 2010, Arip arranged to repay the sum to Exillon with interest but the payments were not disclosed as related party transactions until February 2011 by the firm’s auditors.

The FSA found the failures arose because Exillon’s senior officers were not adequately trained to ensure compliance with listing rules.

FSA acting head of markets David Lawton says: “Our related party rules protect minority shareholders in Premium Listed companies by ensuring large shareholders and company directors cannot unfairly benefit from their positions in the corporate governance of a listed company. In this case Exillon fell below the standards we expect.”


Franklin Templeton launches Africa fund for Mobius

Franklin Templeton has launched an African fund for star emerging markets manager Mark Mobius. The offshore Templeton Africa fund has received verbal approval from the Luxembourg regulator, the CSSF. The fund will aim for long-term capital growth by investing in African-listed equities or companies based elsewhere but with principal business activies in Africa. Mark Mobius, […]


12,000 Pritchard clients warned over cash asset shortfall

Around 12,000 clients have been warned it is “highly likely” there will be a shortfall in their share of £24m of Pritchard Stockbrokers’ cash assets which were recently frozen by the FSA. Special administrator Mazars has written to around 6,000 Merchant Capital clients, where Pritchard acted as custodian, and 6,000 Pritchard direct clients, warning of […]


FSA highlights exchange traded product risks

The FSA has set out the risks investment advisers need to consider when deciding whether or not to recommend exchange traded products. The regulator has published a factsheet for investment advisers which outlines key features, investment strategies and the potential for conflicts of interest in exchange traded products. The FSA notes somes aspects of the […]

Thames River and Skandia funds to take cover from Euro uncertainty

Thames River co-head of multi-manager Rob Burdett and Skandia head of multi-manager Ryan Hughes have cut exposure to Europe across their fund ranges. Burdett has moved further underweight across the firm’s five multi-manager funds by cutting exposure by between 2 and 2.5 per cent over the past six weeks, due to concerns about volatility as […]


News and expert analysis straight to your inbox

Sign up


    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