W H Ireland Limited (the bank) has been fined £1.2 million for failing to have proper systems and controls in place to detect market abuse.

The bank breached Principle 3 – Management and Control. In addition the bank breached SYSC rules which concern conflicts of interest and a Skilled Person was brought in by the FCA to identify the extent of the banks failings. At the time of the failings the bank had approx. 9,000 wealth management clients, with assets amounting to £2.5 billion. Financial instruments were bought and sold during this period with no protection in place, putting client’s assets at significant risk.

In addition, the bank has a 75 day restriction period preventing them from taking on new clients for its corporate broking division.

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