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This table contains information about who the FSA has fined during 2008. Total amount of fines in 2008 - £22,706,526.

Amount Company or person fined Date What was the fine for? Compensation
£721,000 Egg Banking plc 09/12/08 For serious failings in its sales of credit card payment protection insurance (PPI).  
£117,691.41 Mr Richard Ralph 12/11/08 For dealing in Monterrico's shares on the basis of inside information.  
£81,982.95 Mr Filip Boyen 12/11/08 For dealing in Monterrico's shares on the basis of inside information.  
£1,120,000 AWD Chase de Vere Wealth Management Ltd 10/11/08 For serious failings in its pension transfer, pension annuity and income withdrawal business that resulted in mis-selling.  
£49,000 Sindicatum Holdings Limited 29/10/08 For not having adequate anti-money laundering systems and controls in place for verifying and recording clients' identities.  
£17,500 Michael Wheelhouse 29/10/08 For not having adequate anti-money laundering systems and controls in place for verifying and recording clients' identities.  
£14,411.25 Mr Stewart McKegg 16/12/08 For the disgorgement of profits made on transactions where they had inside information  
£4,642.50 Mr Brian Valentine Taylor 16/12/08 For the disgorgement of profits made on transactions where they had inside information  
£34,500 Orchid Financial Limited 14/10/08 For failing to ensure it provided suitable advice which exposed over 900 customers to the risk of being sold an unsuitable mortgage  
£30,000 Gary Howes 14/10/08 For shortcomings in their mortgage business which put financially vulnerable customers at risk and the firm at risk of being used for mortgage fraud.  
£30,000 William John Evans 14/10/08 For shortcomings in their mortgage business which put financially vulnerable customers at risk and the firm at risk of being used for mortgage fraud.  
£10,500 Derrick Hales Financial Planning Ltd 09/10/08 For failures relating to the sale of geared traded endowment policies  
£35,000 Knowlden Titlow Financial Services Ltd 09/10/08 For failures relating to the sale of geared traded endowment policies  
£7,000,000 Alliance & Leicester Plc 06/10/08 For serious failings in its telephone sales of payment protection insurance  
£28,000 TBO Investments Ltd 02/10/08 For failing to clearly document the explanation of the risks of transactions to clients.  
£1,120,000 GE Money Home Lending 22/09/08 For systems and controls failings that resulted in 684 borrowers with a regulated mortgage contract suffering financial loss in excess of £2.3 million before redress was later paid to them by the firm.  
£52,500 Steven Harrison 08/09/08 For accepting that he was given inside information although he failed to recognise this at the time  
£63,000 Approved Financial Solutions Ltd 28/08/08 Failed to ensure it gave suitable advice, and did not communicate accurate information about mortgage charges to its customers  
£51,100 GK Group Limited 20/08/08 For serious breaches relating to the sale of Payment Protection Insurance (PPI)  
£28,000 George White Motors Limited 20/08/08 For serious breaches relating to the sale of Payment Protection Insurance (PPI)  
£61,600 Park's of Hamilton (Holdings) Limited 20/08/08 For serious breaches relating to the sale of Payment Protection Insurance (PPI)  
£35,000 Ringways Garages (Leeds) Limited & Ringways Garages (Doncaster) Limited 20/08/08 For serious breaches relating to the sale of Payment Protection Insurance (PPI)  
£5,600,000 Credit Suisse 13/08/08 For breaching FSA Principles 2 and 3 by failing to conduct their business with due skill, care and diligence and failing to organise and control their business effectively  
£100,000 Omotayo Fawole 11/08/08 For submitting false mortgage applications  
£95,000 Mr Charles Weston 31/07/08 For serious failings in Pacific Continental Securities UK Limited which led to customers buying high risk shares without suitable advice  
£840,000 Liverpool Victoria Banking Services Limited 29/07/08 For serious failings in the sale of single premium Payment Protection Insurance (PPI)  
£735,000 Hastings Insurance Services Ltd 24/07/08 For failing to treat its customers fairly in relation to cancelling around 4,550 incorrectly priced car insurance policies  
£35,000 PMSG Insurance Services Ltd 10/07/08 For failing to ensure advice given to customers was suitable and for not organising its business responsibly and to properly manage risk  
£7,000 Simon Poole 09/07/08 For exposing 750 clients to the risk of purchasing unsuitable mortgages.  
£16,000 Baljit Somal 08/07/08 For selling high risk shares to customers without their consent and using unacceptable sales tactics  
£11,900 Mortgage Master (Glasgow) Limited 07/07/08 For failing to adequately supervise an adviser, resulting in applications containing false and misleading information being submitted to lenders  
£129,000 Sadia Nasir 04/07/08 Finding she had been involved in numerous fraudulent mortgage applications  
£17,500 Robin Knox 03/07/08 For lacking competence and capability and for failing to ensure his firm had proper systems and controls in place for the nature of the business it conducted  
£85,000 John Shevlin
01/07/08 Established a short position equivalent to 80,000 Body Shop shares through a Contract for Difference ("CFD"), in effect betting that the share price would fall. This trade was made on the basis of inside information  
£77,000 Merchant Securities Group Limited 13/06/08 For not adequately protecting its customers from the risk of identity fraud  
£350,000 Woolworths Group Plc 11/06/08 For failing to disclose information to the market in a timely manner  
£10,500 Andrew Jeffreys (trading as Chepstow Financial Services) 05/06/08 For failures in the sales process he used for self certification mortgages  
£14,700 Countrywide Management Consultancy 21/05/08 For inadequate sales procedures which meant they could not demonstrate that they had recommended affordable mortgage contracts that met their clients' needs  
£640,000 UNAT DIRECT Insurance Management Limited 19/05/08 For failings relating to a lack of effective control and oversight over its appointment of call centres  
£900,000 Thinc Group Limited 15/05/08 For not having adequate risk management and compliance systems for its sub prime mortgage business and for failing to take reasonable care to ensure that is had records to prove that advice it gave to customers in relation to the sale of sub prime mortgages was suitable  
£11,900 Mortgage House 15/05/08 For inadequate sales procedures which meant they could not demonstrate that they had recommended affordable mortgage contracts that met their clients' needs  
£56,098 Bertie Hatcher 13/05/08 For market abuse and profiting from inside information, using it to buy and sell shares. The fine represents the full disgorgement of his share of the net profit from these trades.  
£210,000 Land of Leather Limited 09/05/08 For allowing its sales force to sell PPI on loans without effective monitoring or training in place to ensure that the insurance was being sold fairly  
£14,000 Mr Briant 09/05/08 For failing to properly oversee the sale of PPI by Land of Leather Limited  
£10,500 Chariot Mortgage Services Limited 15/04/08 For failing to take reasonable steps to ensure the suitability of advice given to customers and failed to pay due regard to the information needs of its clients and to communicate with them in a way which was clear, fair and not misleading  
£525,000 Liberata Financial Services Limited 08/04/08 For failures in its systems and controls for producing and issuing documents to life and pensions policyholders.  
£122,500 Mansion House Securities Limited 31/03/08 For giving customers unsuitable and inaccurate advice when selling higher risk shares  
£31,500 Blake Independent Financial Services Limit 19/03/08 For failing to maintain adequate capital and for providing misleading financial information to the FSA  
£21,000 Mr Mohammed Suba Miah 07/02/08 For selling high risk shares to customers without their consent and deliberately misleading customers by not explaining the risks involved with such shares  
£1,085,000 HFC Bank Ltd 16/01/08 For failing to take reasonable care to ensure that the advice it gave customers to buy Payment Protection Insurance (PPI) was suitable, and for failing to have adequate systems and controls for the sale of PPI
 
£250,000 Square Mile Securities Limited 10/01/08 For persistently using high pressure sales tactics and misleading information to sell customers shares they did not want or could not afford  

 

 
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