A property investment fund has been fined for failing to wait for regulatory approval prior to completing an acquisition.
Semperian put regulatory approval ahead of regulatory responsibilities, a Westminster court has heard.
Commercial development interests have been put ahead of regulatory responsibilities by a
property investment firm in an acquisition, according to the Financial Services Authority (FSA).
Semperian has pleaded guilty to failing to acquire the necessary approval from the regulator before completing an acquisition in December 2008.
The Westminster Deputy District Judge imposed a £1,000 penalty and said that the property investment firm had taken a calculated risk that the FSA would not prosecute.
Commenting on the ruling, director of enforcement at the FSA financial crime division Margaret Cole said: "This is a serious offence and the change in law means that future violations could result in an unlimited fine.
"Today's result is a clear warning to other potential controllers that the FSA will prosecute change in control offences in appropriate cases."
The decision comes after the FSA censured stockbrokers Wills & Co for not properly monitoring advisers, with the regulator claiming that it failed to handle customer complaints properly.
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