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FSA?doles out more fines in Lehman saga

first_imgWednesday 22 September 2010 8:00 pm THE FINANCIAL Services Authority (FSA) has imposed three more fines relating to Lehman Brothers-backed mortgage products, the watchdog said yesterday. Legal outfit Thorntons Law was fined £35,000 for misleading customers about the risks of mortgage-backed securities. Michael Royden, a partner at the Dundee-based firm, was separately fined £10,500. The FSA said the company had told clients there was “absolutely no risk to capital” and recommended they pour a large amount of money into mortgage-backed products. Royden was responsible for compliance at Thorntons, despite having no financial services experience. The FSA said he failed to read up on the Lehman-backed products, and delegated day-to-day compliance work to another junior member of staff. The FSA also handed down a £28,000 fine to Robert Yarr, a financial adviser at a financial advice firm, McClelland Yarr in Belfast. Yarr did not understand or research the Lehman products and failed to keep records of his work, the FSA said. All three parties fully complied with the FSA probe into their actions between November 2007 and August 2008, and received a 30 per cent discount for settling at an early stage. The FSA has already fined several firms and individuals for giving misleading investment advice, following its review into the marketing and distribution of Lehman-backed products in October 2009. The watchdog fined RSM Tenon Financial Services £700,000 in March for failings in its advice and sales processes relating to Lehman-backed structured products.Tenon was also directed to compensate customers who were mis-sold those products, estimated to total around £1.8m. The FSA has estimated that 6,000 investors were caught up in Lehman-backed products when the bank folded in 2008. whatsapp FSA?doles out more fines in Lehman saga KCS-content whatsapp Show Comments ▼ Share More From Our Partners Why people are finding dryer sheets in their mailboxesnypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org Tags: NULLlast_img read more

ARDOVA PLC (ARDOVA.ng) 2019 Abridged Report

first_imgARDOVA PLC (ARDOVA.ng) listed on the Nigerian Stock Exchange under the Energy sector has released it’s 2019 abridged results.For more information about ARDOVA PLC (ARDOVA.ng) reports, abridged reports, interim earnings results and earnings presentations, visit the ARDOVA PLC (ARDOVA.ng) company page on AfricanFinancials.Document: ARDOVA PLC (ARDOVA.ng)  2019 abridged results.Company ProfileARDOVA PLC formerly (Forte Oil Plc) sources and markets petroleum products in Nigeria which includes fuels, production chemicals, lubricants, greases and power generation for automobiles, aircraft, machines and equipment. The Fuel division supplies white petroleum products, aviation turbine kerosene and Jet A-1 aviation fuels; the Upstream division supplies ancillary products for the exploration and production sub-sector of the oil and gas industry; retail and industrial products include lubricants and grease; organic and petro-chemicals; premium motor spirit, automotive gas oil, dual purpose kerosene and fuel oils. Forte Oil Plc also has business interests in power generation through the 414MW Geregu power plant located in Kogi state. Established in 1964 and formerly known as African Petroleum Plc, the company changed its name to Forte Oil Plc in 2010. Its head office is in Lagos, Nigeria. ARDOVA PLC is listed on the Nigerian Stock Exchangelast_img read more