Twitter Facebook RSS FEEDS

FSA admits HBOS defeat

Monday, 23 June 2008 12:00 AM

The Financial Services Authority (FSA) has admitted there are likely to be no action following an investigation into trading of HBOS shares.

Stock in the company fell a dramatic 17 per cent on Match 19th this year - opening at 491.00p, before falling as low as 398.00p, and closing at 446.25p.

This volatility prompted the FSA to launch an investigation into potential abuse of trading regulations.

However, this investigation has now been dropped, according to a report in the Sunday Telegraph.

The regulator concluded no action can satisfactorily be brought against any individuals - despite a wide-ranging probe, examining thousands of emails and telephone records, the newspaper reports.

The source for the information is thought to be a draft copy of the FSA's findings.

FSA investigators had hoped to find evidence of criminal activity by market insiders, having previously stated it would not tolerate "spreading false rumours and dealing on the back of them".

However, it is reported the FSA still considers elements of the system to be subject to abuse, and is prepared to launch further investigations in the future.

At 09:53 shares in HBOS were down 3.28 per cent, trading at 273.00 pence per share.

This is presently below the 275 pence a share HOBS is expected to offer to existing shareholders as part of a £4 billion rights issue.

Chris O'Toole

Related stories

Citigroup admits defeat on UK subprime

Citigroup admits defeat on UK subprime

Citigroup admits defeat on UK subprime

 The controversial welfare reform bill has drawn much criticism in the House of Lords.

Fresh bedroom tax defeat for government

House of Lords votes to exempt vulnerable people where there is no suitable smaller home available.

AboutProperty.co.uk

FSA fast-track mortgage proposal 'completely illogical'

An independent mortgage adviser claims that FSA plans to ban fast-track mortgages are "completely illogical".

 The FSA has effectively shut the entire sale and rent back market.

Sale and rent back market shut down by FSA

Regulator finds serious failings by firms that seemed to offer rescue for home owners in trouble.
Consultation on the Mortgage Market Review ends on 30 March 2012.

FSA makes proposals for mortgage market regulation

The FSA has today announced a shift away from a reliance on "uncertain" house price rises in an attempt to avoid irresponsible lending practices.

 FSA responsible lending proposals are 'ill-timed'

FSA responsible lending proposals are 'ill-timed'

The AMI has described the FSA's proposed reforms of the mortgage lending market to encourage greater responsibility as ill-timed.
Would maximum limits on loan-to-value ratios help prevent a boom-and-bust culture?

FSA proposes 'maximum limits on loan-to-value ratios'

FSA proposes 'maximum limits on loan-to-value ratios'

 Mortgage arrears increase for HBOS

Mortgage arrears rise at HBOS

Mortgage arrears rise at HBOS

'No evidence' in HBOS short selling probe

'No evidence' in HBOS short selling probe

'No evidence' in HBOS short selling probe

 FSA sale and rent back regulation welcomed.

FSA sale and rent back rules welcomed

FSA sale and rent back rules welcomed

Search property

Headlines

Directory

Alaris

Alaris Logo
Alaris specialise in quality Bathrooms and Kitchens along with many other unique products for your home. The range of kitchens, kitchen worktops and bathrooms is extensive and the highest quality so you are sure to find what you want. New bathroom furniture, bathroom suites, taps, showers and cabinets are added regularly.

Bathrooms365

Bathrooms365 Logo
Bathroom365 supply all areas of your new bathroom - leading-edge designed bathroom suites, stylish bathroom taps and showers, all styles and forms of shower enclosures and a vast collection of bathroom furniture.

Fitmykitchen

Fitmykitchen Logo
Fitmykitchen are specialist suppliers of kitchen appliances, sink taps, waste bins and furniture. So whatever you want from kitchen sink taps to waste bins look no further than fitmykitchen, UK, the specialist suppliers of kitchen appliances, stainless steel sink taps, waste bins and kitchen furniture.

MyStampDuty

MyStampDuty Logo
We help people buying property all over the UK to minimise Stamp Duty Land Tax on residential and commercial property. If you are looking at purchasing a new home or business premises over £500,000, contact us today by completing the form on the right

Oak Furniture Land

Oak Furniture Land Logo
For hardwood furniture, including Solid Oak, Mango, Mahogany, Sheesham, Acacia, Ash and Birch, look no further than Oak Furniture Land.

Rated People

Rated People Logo
Whatever type of home improvement or garden remodelling project you have, Rated People can help you to identify the right tradesmen for the job in a way that is quick, easy, convenient and, as it is based on real-life recommendations, trustworthy.

Residential Land

Residential Land Logo
If you are looking for short or long term rentals in Central London, Residential Land have a portfolio of over 1200 flats and houses in the best postcodes across the Capital.

Simply Bedrooms

Simply Bedrooms Logo
Simply Bedrooms, a part of Sleepwell Bedrooms Ltd, supplying quality beds, wardrobes, sliding door wardrobes and bedroom furniture at low prices and great service, London and Home Counties Specialists.

Door Handles UK

Door Handles UK Logo
Door Handles UK is the UK's largest online range of Door Handle accessories, Door Hinges, Locks and Latches and so much more and all at genuine internet prices. We have a wide range of Chrome, Brass and Glass Crystal Mortice door knobs in both traditional and contemporary designs, whatever your taste and budget you will find a design to suit.

Woodlands Furniture

Woodlands Furniture Logo
We are an established family business situated in rural Herefordshire specialising in beautiful handcrafted classic reproduction furniture. Our comprehensive ranges are readily available from stock.

WowBBQ

WowBBQ Logo
Welcome to the World of Weber. We are the largest independent online Weber BBQ retailer in the United Kingdom. WOWbbq.co.uk is a Weber Partner Store and can give you the best advice for all your Weber BBQ needs.

Join our directory aboutproperty.co.uk

Twitter

Join the conversation at #aboutproperty

Directory articles

A guide to finding the right kitchen sink

When redesigning a kitchen or giving the room a makeover, it is important not to forget about the less obvious aspects of the space. Kitchen sinks are an essential fitting, but often overlooked, despite the fact there is a wide choice of styles available.

Useful tips to help find a flat in London

Looking for flats in London can be a frustrating process, given the capital's size, demand for rental accommodation and varying prices. It is vital, therefore, that you do plenty of research and act quickly to ensure you get the place that you want.

What do you need to consider when buying a mattress?

If you looking for a new mattress, you need to get the decision right, as getting it wrong could impact on your overall health and wellbeing. As well as comfort and size, you also need to consider other points, such as any health issues you may have.