JJB fined £455,000 by FSA

JJB SPORTS has revealed that it has been fined £455,000 by the Financial Services Authority for breaching disclosure and transparency rules.

The fine relates to events which took place in the run-up to the company announcing its interim results on September 26, 2008, which was prior to its restructuring when its previous chief executive Chris Ronnie was at the helm of the business.

The Wigan retailer has issued a statement saying that the matter will be concluded following its payment of the fine on a date to be determined next year.

It said that it could not comment on the matter, nor on its views on the level of the penalty imposed until the FSA publishes its final report into its investigation.

The FSA has confirmed that it would publish its findings in the next few months.

A statement by the company to the Stock Exchange said: “No further investigations into the Company by the FSA are ongoing, and the company welcomes the finality brought by the conclusion of this investigation.”