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Release Date: 7th January 2013

To access the original FSA document, click here.


Christopher Ollerenshaw has been fined £50,000 and prohibited from performing any function in relation to regulated activities by the Financial Services Authority (FSA). This sanction was finalised following a decision by the Upper Tribunal, which reduced the penalty from an initial £70,000 due to Ollerenshaw’s financial circumstances and considerations of broad justice. This fine represents a further reduction from an original proposal of £250,000.

The actions leading to this penalty occurred between September 2006 and November 2007 while Ollerenshaw was the Chairman of Black and White Group Limited, a firm specialising in mortgages and associated insurance. The Tribunal found that Ollerenshaw had pressured advisers to sell unsuitable Payment Protection Insurance (PPI) and products from a specific lender, Money Partners Limited, without appropriate regard for customer suitability. He also partially failed in his duty to ensure that adequate compliance systems were in place at Black and White, set a profit-oriented company culture potentially at the cost of fair customer treatment, and misled the FSA about the firm’s capital adequacy.

Ollerenshaw’s actions were found to breach Principles 1 and 7 of the FSA’s Statement of Principles for Approved Persons (APER), which concern integrity and compliance oversight, respectively. Additionally, he was knowingly involved in Black and White’s breach of Principle 6 of the FSA’s Principles for Businesses (PRIN), which mandates that a firm must treat its customers fairly and pay due regard to their interests.

Key takeaways for other firms from this case include the critical importance of:

These points underscore the need for firms to adopt comprehensive, customer-focused approaches in their operations and governance to avoid similar regulatory actions.

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