JJB hit with FSA fine

Sportswear retailer JJB Sports has been fined £455,000 by the Financial Services Authority.

JJB said the fine follows the end of an FSA probe into the company's compliance with the regulator's disclosure and transparency rules in the lead up to its interim results in September 2008.

The 250-store JJB, which teetered on the brink of insolvency in 2009, said it would have to pay the financial penalty at some point in 2011.

JJB said it would comment further on the matter after the FSA completes the required regulatory processes and that no further investigations into the company by the FSA were ongoing.

Sports Direct and JJB were earlier this month cleared by a fraud probe, although they said investigations into unidentified individuals by the Serious Fraud Office continue.