Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).


For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.


We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

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You confirm that all information you supply is accurate.


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We store and use information you provide as follows:

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We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

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We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.


We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.


The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.


Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.


Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.


If you want more information or have any questions or comments relating to our privacy policy please email [email protected] in the first instance.

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Wednesday 19 May, 2004

Financial Serv. Auth

FSA fines Universal Salvage

Financial Services Authority
19 May 2004


For immediate release

19 May 2004

£100,000 levied in fines for Listing Rule breach

The Financial Services Authority today fined Universal Salvage PLC ('Universal')
£90,000 for breaching the Listing Rules.  Martin Christopher Hynes ('Mr Hynes'),
former Chief Executive Officer of Universal, has also been fined £10,000 for
being knowingly concerned in the breach.

The FSA found that Universal breached the Listing Rules by failing to notify the
market of the loss of a major contract, which was likely to lead to a
substantial movement in the price of its listed securities.  Mr Hynes was the
Director best placed to take the appropriate steps to ensure that Universal
notified the market without delay once the obligation was triggered on the 16
April 2002.  Universal did not make the announcement until the 23 April 2002.
The announcement also reported worse than expected trading figures.  The
company's share price fell 55% on the day of the announcement.

Andrew Procter, Director of Enforcement, said:

'The delay, and therefore this enforcement action, could have been avoided
entirely by the taking of responsible preparatory measures by the company when
it first emerged that the contract might not be renewed.  Mr Hynes was aware of
this development and was the director best placed to ensure that Universal
complied with its obligations under the listing rules.

'The obligation on listed companies, and their directors, to inform the market
without delay of any changes to their business is a fundamental protection for
shareholders.  Timely disclosure is vital to ensuring the smooth operation of
efficient, orderly and clean markets.  That this is the second director of a
listed company that we have fined in as many months demonstrates how seriously
we expect firms to take these responsibilities.'

Universal is involved in the vehicle salvage business.  In 1998 it won a
contract with Direct Line which by March 2002 accounted for approximately 40% of
the vehicles it handled.  Direct Line first told Universal that it intended to
terminate this contract at a meeting on 18 March 2002 attended by, amongst
others, Mr Hynes.  Universal tried in correspondence to persuade Direct Line not
to terminate the contract, but Direct Line confirmed the termination in a letter
received by Universal on 16 April 2002.

In the meantime Universal conducted an analysis as to the likely financial
impact of the contract being terminated and explored options for costs savings
with a view to presenting the findings to a Board Meeting on 18 April 2002.
However, upon receiving confirmation of the termination of the contract,
Universal took no steps to obtain advice from West LB, its corporate advisers,
bring the Board Meeting forward or take any other preparatory measures.

At the Board Meeting on Thursday 18 April, it was agreed to seek advice from
West LB as to whether to make an announcement to the market regarding the loss
of the Direct Line contract and also poor trading figures in the final quarter
of the then-current financial year.  Mr Hynes was given responsibility for
consulting with West LB.  Mr Hynes contacted West LB later that day and met with
them on the afternoon of Monday 22 April.  At that meeting West LB advised
Universal to make an announcement to the market.  The announcement was released
through the Regulatory Information Service at 3.24pm on Tuesday 23 April

In deciding the appropriate fine for Universal and Mr Hynes the FSA gave credit
to both parties for their co-operation in the investigation and in resolving the
matter expeditiously.


 1. The full text of the Decision from the Regulatory Decisions Committee of the
    FSA and its censure is available at

 2. Paragraph 9.1 of the Listing Rules states that:

'A company must notify the Company Announcements Office without delay of any
major developments in its sphere of activity which are not public knowledge
which may:

a)      by virtue of the effect of those developments on its assets and
liabilities or financial position or on the general course of its business, lead
to substantial movement in the price of its listed securities.

3.      Under section 91(2) of the Financial Services and Markets Act 2000 if
the FSA considers that a director of a company was knowingly concerned in the
company's contravention of the Listing Rules, it may impose on him a penalty of
such amount as it considers appropriate.

 4. FSA took on new powers under the Financial Services and Markets Act 2000 on 1
    December 2001.  The disciplinary sanctions available to the FSA for breaches
    of the Listing Rules that take place on or after 1 December 2001 include a
    fine or a public statement.

 5. The FSA regulates the financial services industry and has four objectives
    under the Financial Services and Markets Act 2000: maintaining market
    confidence; promoting public understanding of the financial system; securing
    the appropriate degree of protection of consumers; and fighting financial

 6. The FSA aims to maintain efficient, orderly and clean financial markets and
    help retail consumers achieve a fair deal.


Press:                          Kate Burns                020 7066 3232
                                Outside office hours      07625 197 939

Public:                         FSA Consumer Helpline     0845 606 1234


                      This information is provided by RNS
            The company news service from the London Stock Exchange                                                                                                                                         

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