Tag: Financial Conduct Authority

March 12, 2024 BY Elizabeth Anderson

FCA Slaps Fine of Almost £900,000 on Embattled IFM

According to the financial watchdog, it banned Arthur Cobill, an IFM adviser, and William Hofstetter, an IFM director, from advising customers on pension transfers and opt-outs. Hofstetter was also prohibited from holding a senior position at any regulated financial company. Cobill agreed to pay £120,000 and Hofstetter £40,000 to compensate IFM’s customers. The regulator said…

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February 27, 2024 BY PureContent

Lloyds Makes £450m Provision to Cover Possible Regulatory Issues

The FCA investigation was launched in January this year, following complaints from members of the public who believe they were charged too much commission to arrange finance for car purchases. According to the Financial Ombudsman, around 17,000 complaints have been received so far. This raises the prospect of the bank being forced to pay compensation…

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February 15, 2024 BY Elizabeth Anderson

Three arrested in FCA investigation into organised crime

The arrests comprised a significant operation involving more than 38 FCA and NCA officers across three residential sites. During this exercise, the authorities also seized several tech devices. After interviewing the suspects, two were released under investigation and one on unconditional bail. The fourth, a 48-year-old man, also remains under investigation. Don’t miss out the…

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April 10, 2019 BY Valentina Kirilova

Standard Chartered Bank fined £102.2 million for poor AML controls

The Financial Conduct Authority (FCA) has announced yesterday that it has fined Standard Chartered Bank £102,163,200 for Anti-Money Laundering (AML) breaches. This is the second financial penalty for AML controls failings in less than 5 moths imposed by the regulator. In December 2018, the FCA fined the former Chief Executive Officer of Sonali Bank (UK)…

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March 19, 2019 BY Valentina Kirilova

UBS AG fined £27.6m by the UK FCA

Swiss multinational investment bank and financial services company UBS AG has been fined £27,599,400 by the UK financial regulator the Financial Conduct Authority (FCA). The company failed relating to 135.8 million transaction reports between November 2007 and May 2017. Mark Steward, FCA Executive Director of Enforcement and Market Oversight said: Firms must have proper systems…

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BIS announces key appointments in Singapore and Switzerland
March 07, 2019 BY Valentina Kirilova

FCA adds Richard Lloyd to its Board as a non-executive Director

The UK’s Financial Conduct Authority (FCA) announced the appointment of Richard Lloyd to its Board of Directors as a non-executive Director. Richard Lloyd is one of the founding trustees of the Money and Mental Health Policy Institute and is the current Chair of the consumer complaint resolution entity known as Resolver. He will serve a…

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February 21, 2019 BY Valentina Kirilova

FCA imposes first fines on anti-competitive behavior

The UK’s Financial Conduct Authority (FCA) today made a decision using its powers to enforce competition laws by ruling that three asset management companies violated competition law. The ruling as made against the following firms: River and Mercantile Asset Management LLP (RAMAM) Newton Investment Management Limited Hargreave Hale Ltd The FCA imposed a £306,300 fine…

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February 19, 2019 BY Valentina Kirilova

FCA names new Chair of the Financial Services Consumer Panel

The UK’s Financial Conduct Authority (FCA) has today named Wanda Goldwag as the new Chairperson of the autonomous Financial Services Consumer Panel for an initial 3-year term starting on 1 March 2019; her nomination was approved by Her Majesty’s Treasury. In her new role, Wanda Goldwag will provide strategic direction to the FCA by communicating…

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February 05, 2019 BY Valentina Kirilova

Former fund manager at Newton Investment Management Ltd fined £32,200

UK financial regulator Financial Conduct Authority (FCA) has announced that it has fined Paul Stephany, a former fund manager at Newton Investment Management Limited, £32,200 for his conduct in relation to an Initial Public Offering (IPO) and a placing. Stephany risked undermining the integrity of the market and the book build by trying to use their collective…

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