FT Alphaville " Four days that supposedly sunk Singer and Friedlander Posted by Paul Murphy on Jun 26 10:06. My word, this is pointless. Even by FSA standards. This is the Final Notice from the UK financial regulator after a three and a half year investigation into Kaupthing Singer and Friedlander, the UK subsidiary of toxic Icelandic bank Kaupthing. Essentially, the FSA has found that, between 29 September and 2 October 2008, when the whole financial world looked to be imploding, Singer's management breached Principle 2 of the FSA's Principles for Businesses, which requires a firm to conduct its business with due skill, care and diligence. It seems they failed to monitor a special £1bn financing arrangement between the Icelandic parent and the UK sub, and then failed to tell the FSA immediately when it seemed the UK firm might not have access to this funding line. While no regulatory breach has been found, the FSA has naturally gone right ahead and issued an effective ban on two former non-execs at Singer - Sigurdur Einarsson and Hreidar Mar Sigurdsson - along with former chief executive Armann Thorvaldsson. You can almost hear the three men say hvað sem. This entry was posted by Paul Murphy on Tuesday, June 26th, 2012 at 10:06 and is filed under Capital markets, People. Tagged with fsa, kaupthing, singer and friedlander.