UK's FSA Pads Budget With Lucrative Enforcement Actions

Law360, New York (May 29, 2012, 4:51 PM EDT) -- In levying a record £3 million ($4.7 million) fine against a former hedge fund manager Tuesday, British financial regulators continued a recent string of lucrative enforcement actions and added to their fuller-than-expected coffers for the year, a windfall they now plan to share with the firms they regulate.

With its latest action, the U.K. Financial Services Authority barred Alberto Micalizzi, the chief executive of defunct London hedge fund Dynamic Decisions Capital Management, from the financial services industry for lying to investors about his fund's losses. The...
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Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.