JJB Sports fined £445,000 by FSA

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The Independent Online

JJB Sports has been hit with a £445,000 fine after a Financial Services Authority investigation into its compliance dating back more than two years.

The FSA has not published its final notice, but the sportswear retailer said the inquiry related to "historic compliance with the disclosure and transparency rules in the lead-up to the release of the group's interim results on 26 September 2008".

JJB shocked the markert in 2008 when it reported half-year losses of £9.7m – far worse than expected – and axed its dividend . The company stressed yesterday that the inquiry related to a period before it was restructured.