View more on these topics

PWC auditor to be fined by the FSA for committing market abuse

The Financial Services and Markets Tribunal today directed that the FSA fines Mr Arif Mohammed, a former Pricewaterhouse Coopers audit manager, 10,000 for committing market abuse. This is the first time the market abuse provisions in the Financial Services and Markets Act 2000 have been the subject of a Tribunal decision.

Mr Mohammed bought shares in Delta plc, a London Stock Exchange listed electrical and engineering services company, based on his knowledge that the company intended to sell its electrical division. Mr Mohammed became aware of this confidential information because Delta’s electrical division was an audit client of PwC and Mr Mohammed worked on the company’s audit.

David Mayhew, acting director of enforcement at the FSA says:

“Mr Mohammed, as an auditor, knew he should not be dealing in Delta shares. Similarly, the market would expect an auditor not to deal in shares of an audit client. To abuse his position by essentially cheating for personal gain, is a breach of trust and undermines the integrity of the market. ”

Recommended

The IFP’s View

The twin forces of the 2004 Finance and Pensions Acts will forever change the way that trustees, employers and employees experience additional voluntary contributions.

Advisers split as appeal deal is turned down

The FSA and the Financial Ombudsman Service have ruled out setting up an independent appeals tribunal to allow IFAs to challenge ombudsman decisions, which some advisers argue breaches their human rights.

Can UK companies satisfy global appetites?

By Mark Martin, Manager of Neptune UK Mid Cap Fund

Rapid economic and income growth is leading to a dramatic shift in diet towards protein products right around the globe. UK companies such as Genus, the world’s largest livestock breeder, are benefiting from this increasing demand. Mark Martin, manager of the Neptune UK Mid Cap Fund, discusses this investment theme.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment