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Record £4m FSA fine for Credit Suisse First Boston International

The FSA has slapped its biggest ever fine of £4m on Credit Suisse First Boston International for trying to deceive the Japanese regulator.

The fine relates activities by UK authorised company between 1995 and 1998 when the FSA says CSFBi concealed and removed evidence about its business in Japan to evade tax.

FSA managing director Carol Sergeant says: “The unprecedented size of the fine makes it clear that we consider any attempt to mislead regulators and other authorities whether in the UK or in other countries to be an extremely serious issue. Ensuring that firms have organisational cultures that prevent this type of behaviour is essential to maintaining the confidence we all expect to have in our financial markets.”


A pig of a year

The big news of 2002 came early on with the January publication of CP121 outlining the FSA&#39s plans for depolarisation and the defined-payment system.The PI nightmare started in February, with prem-iums rocketing over endowment misselling fears.In February, we reported that Misys was set to outsource some comp-liance processing to India, a move that was “exclusively” […]

Who will Brown pick to take up challenges?

The news that Howard Davies is quitting his job as FSA chairman and chief executive three months early in September next year leaves possibly two vacancies in what are seen as the most challenging and possibly thankless roles in the City.The big question on everyone&#39s mind this week is who Chancellor Gordon Brown will choose […]

BBB buys Weston Financial in deal set to cost £11.5m

Berkeley Berry Birch is acquiring Midlands IFA Weston Financial Group for an initial fee of £1.85m.The acquisition, which includes £1.25m in cash and £600,000 in shares, is the latest in the group&#39s £20m consolidation plan announced in September.Weston was established in 1961 and has 63 advisers in eight offices around the country. In the 12 […]

Leeds & Holbeck launches new discounted mortgages

Leeds & Holbeck Building Society has launched a new discounted loan for movers and first-time buyers. For first-time buyers it is offering a one per cent discount for two years off its standard variable rate, currently 5.75 per cent, giving a pay rate of 4.75 per cent on loan to values up to 95 per […]


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