FSA fines Toronto Dominion Bank £7m

The Financial Services Authority has slapped Toronto Dominion Bank with a fine of 7 million pounds for repeatedly failing to control how its traders price financial products.

Commenting on the issue, FSA enforcement director Margaret Cole said, "Toronto Dominion clearly failed to apply proper controls in the area despite its previous sanction and repeat offenders need to know that they will face severe consequences."

This is the second time when the Canadian bank Toronto Dominion has been fined for systems & controls failings.

Earlier in November 2007, the financial watchdog fined it 490,000 pounds when its fixed-income trader Simon Brignall attributed sham values to his trading positions and created fictitious trades to conceal losses on his book.

The biggest ever fine of 17 million pounds was slapped on the oil company Royal Dutch Shell in 2004 for exaggerating its reserves.