<div><p>Britain's financial watchdog on Thursday said it had fined Canada's Toronto Dominion Bank 7.0 million pounds (7.9 million euros, 11.3 million dollars) for failures related to the pricing of products.</p><p>"The Financial Services Authority has today fined Toronto Dominion Bank (London Branch) 7.0 million pounds for repeated systems and controls failings around the pricing of sophisticated financial products," it said in a release.</p><p>"This is the bank's second fine for systems and controls failings and the fourth largest levied by the FSA."</p><p>The watchdog added that the fine would force the bank to make a negative adjustment to its accounts of 96 million Canadian dollars in July 2008.</p><p>"The breaches relate to pricing issues that were uncovered on a proprietary trader's books within Toronto Dominion's credit products group," the FSA said in the statement.</p><p>"Amongst other failings the FSA found that Toronto Dominion failed to follow their established procedures in ensuring the trader's books were independently verified, and did not have adequate controls in place which could have detected the pricing issues."</p><img src="http://admatch-syndication.mochila.com/images/ad.gif?aid=65600092&bid=informcom" /></div><div id="copyright"><div>

Copyright 2009  <a href="http://www.afp.com/english/links/?pid=copyright">AFP American Edition</a></div></div>