Cantor to appeal FSA fine for misconduct

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The Independent Online

Cantor index, the spread betting firm, has been fined by the Financial Services Authority (FSA) for alleged misconduct, and is appealing the case to the Financial Services & Markets Tribunal.

Cantor index, the spread betting firm, has been fined by the Financial Services Authority (FSA) for alleged misconduct, and is appealing the case to the Financial Services & Markets Tribunal.

The appeal, which is unlikely to be heard until next year, follows a meeting of the FSA's Regulatory Decisions Committee last month, where Cantor failed to persuade FSA enforcement officials to reverse the decision.

The FSA would not comment on the size of the fine, or the reason for the disciplinary action, but confirmed that Cantor is appealing against an enforcement decision. Cantor Index, and its parent company, Cantor Fitzgerald, declined to comment.

After exponentially increasing the number of fines and individual bans this year, the regulator has seen a huge increase in appeals waiting to be heard at the Tribunal.

More than 25 appeal cases against the FSA are waiting to be heard, of which only a handful have yet been allocated a date.

Among the companies involved in recent appeal cases is Legal & General, which is waiting to hear if it has been successful in overturning a £1.1m fine for alleged endowment mis-selling.

In total, the FSA has successfully collected more than £20m in fines from more than 20 companies over the past year.

Cantor is no stranger to legal clashes, having already fought two battles in the courts against former employees this year.

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