The Financial Services Authority (FSA) has given a rare display of its teeth.
The FSA has banned former Square Mile Securities Ltd. stockbroker Mohammed Suba Miah. This means that he can no longer work as a broker. The FSA also fined him £21K, over claims he traded customers' shares without their permission.
Margaret Cole, the FSA's director of enforcement, said:
"Stockbrokers are on notice that the FSA will not tolerate abuse.
Our actions against Mr. Miah show that we take this very seriously."
It is about time that the FSA took firm action against recalcitrant organisations and individuals.
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