Winterflood to appeal FSA fine

10^th March 2010 at 17:16

An investment firm operating in London's financial district has filed an appeal against a multi-million-pound fine issue for malpractice.

The Financial Services Authority (FSA) charged Winterflood £4 million in 2008 for "market abuse" regarding its involvement with a marketmaking investment scheme with computer screen company FEI.

Winterflood challenged the fine at the Court of Appeal yesterday (March 9th) by asking the regulatory body to clarify the market abuse laws which are used to determine FSA compliance.

Nathan Willmott, a partner at law firm Berwin Leighton Paisner, told the Times: "In recent cases the Court of Appeal has issued some very pro-FSA decisions, although this is the first time that it has had to grapple with the complex market abuse regime."

Work and pensions secretary of state Helen Goodman recently claimed that the Labour government will employ changes to build a "more socially responsible financial system" at the Northern Money Conference 2010.

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