The Financial Services Authority (FSA) has fined Lamprell £2,428,300 for significant failings in its systems and controls resulting in Listing Rules and related breaches. Lamprell could not adequately monitor its financial performance against its budget and against market expectations and therefore failed in its obligations as a listed company to keep the market fully informed of its deteriorating financial position during early 2012.
The FSA cited systems failings which meant that investors were not given information on a timely basis. This is the first penalty of its kind imposed under the FSA's new penalty policy. The penalty is linked to Lamprell's market capitalisation, and is thus expected to exceed past penalties.