FSA fines and bans ex-broker

The Financial Services Authority (FSA) yesterday said that it had fined Fabio Massimo De Biase, a former cash equities broker, £252,239 for acting improperly at the same time banning him from working in the financial services sector on the grounds that he is not fit to do so. De Biase, formerly a broker with TFS Derivatives, received part of his pay in commission when he won broking business. The FSA said between January 2008 and September 2009, De Biase paid kickbacks to AKO Capital trader, Anjam Ahmad in return for business.