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Investment firm fined £1,000 for acquiring firm without FSA approval

Semperian PPP Investment Partners has been fined £1,000 for acquiring a firm before it had received approval from the Financial Services Authority.

The investment firm pleaded guilty at the City of Westminster Magistrates Court today under the Financial Services and Markets Act 2000.

Semperian notified the FSA in mid-December 2008 that it proposed to acquire the authorised firm but failed to wait for FSA approval before completing the deal three weeks later.

FSA director of the enforcement and financial crime division Margaret Cole says: “This is an example of a controller putting its commercial interests before its regulatory responsibilities and the FSA is taking a much tougher line with those that seek to avoid or ride roughshod over the change in control regime.

“This is a serious offence and the change in law means that future violations could result in an unlimited fine.  Today’s result is a clear warning to other potential controllers that the FSA will prosecute change in control offences in appropriate cases.”


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Another stockbroker fined by FSA

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  1. Every move you make, every breath you take, fsa is watching you.

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