Payroll company given penalty from the FSA

The Island's financial regulator says systemic failings at a payroll company have led to a civil penalty of more than £33,000 pounds.

Income Plus Services Limited was handed the penalty after a meeting with the Financial Services Authority uncovered , what it called 'considerable gaps' in the firm's Anti-Money Laundering and Countering the Financing of Terrorism controls.

The FSA imposed a civil penalty of £48,356 pounds, reduced to £33,850 pounds after the company cooperated with the investigation.

The authority has also issued a number of learning points for the wider industry.