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PPI Claim News - 24/11/2009

Credit Card Reclaim: FSA fines Nomura for failings

The Financial Services Authority (FSA) has decided to fine Japanese bank Nomura for widespread failings and a lack of controls.

It was found to have breached the regulator's guidelines on business conduct by making incorrect book markings in its equity derivatives business, being found to have taken insufficient care and diligence in its affairs.

The failings were reported in July 2008, and the bank will now have to pay £1.75 million to the FSA. Because the bank co-operated with the regulator and agreed to pay at an early stage, its fine was reduced from £2.5 million.

FSA director of enforcement and financial crime, Margaret Cole said:"Firms must ensure their systems and controls develop at the same rate their business operations grow; if this doesn't happen - as in Nomura's case - they run the risk of having systems that are inadequate for their business.

An entirely separate sex discrimination case against Nomura is currently being heard in the courts and has received high-profile media coverage.

Belmont Thornton can help you make a PPI claimPayment Protection Insurance Claim, or a credit card charges claim. For free PPI Claim advice call 0845 526 0000 or fill in the Quick Claim box to be sent a PPI Claim pack or credit card charges claim pack.ADNFCR-2776-ID-19476040-ADNFCR

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