Tag Archive for: FCA

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Operation Tidworth – 5 Jailed for 17.5 years

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Operation Tidworth was the FCA’s second largest ever criminal prosecution.

The instigator and main beneficiary of the fraud, Michael Nascimento, will be sentenced separately on 14 September 2018.

In a case brought by the Financial Conduct Authority (FCA), 5 individuals have been sentenced to a total of 17.5 years’ imprisonment for their roles in a share fraud carried out through a series of boiler room companies which led to the loss of more than £2.8m of investors’ money.

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New FCA Advert on Pension Scams

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Reported widely by BBC News this morning is a new TV advert from the Financial Conduct Authority and the Pensions Regulator warning of the huge increase in Pension Scams. With a shocking average loss of £91,000 per victim, you can understand why the regulator is worried and why it still proliferates.

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Losses of £106.5 million. FSCS payout £55.6 million

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TailorMade Independent (TMI) was an unregulated company based in Cheshire and run by Alistair Burns who was fined and banned by the Financial Conduct Authority back in December 2016 for failure to provide suitable advice to clients and for failing to ensure effective management of conflicts of interest.

As of 25 April 2018, the Financial Services Compensation Scheme received and accepted 1,371 claims against TMI, with compensation totalling over £55.6 million. However, because of the £50,000 compensation limit, the FSCS was unable to cover all the losses, which totalled over £106.5 million.

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