The industry regulator, The Financial Services Authority, has fined ABN Amro £900,000 for adverse procedures with regard to share prices and procedures. ABN Amro is Dutch based with offices in the UK and was found to have serious breaches with regard to attempting to push the share prices with improper transactions.
The fund manager for UK Equities, Michael Ackers, was also fined personally £70,000.
Our view
This is good news for the industry demonstrating that the FSA does have teeth and is prepared to 'dish out' heavy penalties for those who try and manipulate the system.
Search the news archive for more on the FSA or fines.
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