Financial Services Authority
To: Pacific Continental Securities (UK) Limited (in liquidation)
Of: c/o Smith & Williamson Limited
2 Athenaeum Road
Date: 27 January 2009
TAKE NOTICE: the Financial Services Authority of 25 The North Colonnade, Canary
Wharf, London E14 5HS (“the FSA”) gives you final notice about the issue of a public
1. THE PENALTY
1.1. The FSA gave Pacific Continental Securities (UK) Limited (“PCS”/“the Firm”) a
Decision Notice on 23 December 2008 that pursuant to Section 205 of the Financial
Services and Markets Act 2000 (“FSMA”), the FSA had decided to issue a public
censure in relation to the Firm.
1.2. Accordingly, for the reasons set out below, the FSA imposes a public censure against
2. REASONS FOR THE ACTION
2.1. The FSA has decided to impose a public censure on the Firm for breaches of the
Principles for Businesses (“the Principles”) in connection with advising on and
arranging the sale of certain higher risk securities to customers between 1 April 2005
and 20 June 2007 (“the Relevant Period”).
We have the full history on Pacific Continental documented here.