The Financial Conduct Authority has today fined Barclays Bank £72m for failing to minimise the risk that it may be used to facilitate financial crime. The failings relate to a £1.88bn pound transaction that Barclays arranged and executed in 2011 and 2012 for a number of ultra-high-net-worth clients. The clients involved were politically exposed persons […]

Recently the FCA have been relatively silent on any AML failings in firms – this said however the FCA (and the FSA before them) has over the long term shown an increased interest in tackling financial crime. Thematic reviews A number of thematic reviews have been conducted within the banking, insurance and asset management sectors […]

The Upper Tribunal (Tax and Chancery Chamber) has published its latest appeal decision in relation to a decision by the Financial Conduct Authority to fine a non-executive director of an authorised firm £154,800 and ban her from performing any role in regulated financial services, due to her failure to disclose a conflict of interest. The […]

The Financial Conduct Authority (FCA) has today fined Moorhouse Group Limited (Moorhouse) £159,300 for failures in relation to the oversight and control of its telephone sales and in particular the sale of commercial vehicle add-on insurance products during 2012. During 2012 the insurance company failed to provide a quality assurance processes to monitor the telephone […]

The Financial Conduct Authority (FCA) has handed Deutsche Bank AG (Deutsche Bank) a £227 million ($340 million) fine, its largest ever for LIBOR and EURIBOR-related (collectively known as IBOR) misconduct. The fine is so large because Deutsche Bank also misled the regulator, which could have hampered its investigation. The investment bank misled the regulator, which […]

Britain’s markets regulator has fined Bank of New York Mellon (BK.N) 126 million pounds for failing to keep customer money safe during the financial crisis. The Financial Conduct Authority (FCA) said on Wednesday the fine was levied on Bank of New York Mellon’s London branch, and on Bank of New York Mellon International Limited for […]

Following the Upper Tribunal’s decision concerning two non-executive directors of Arch Financial Products LLP (Arch) the FCA has published final notices. The FCA has: Imposed a £200,000 fine on Robert Addison, Arch’s former compliance officer, for breaches of Principles 1 and 7 of the FCA’s Statements of Principle for Approved Persons, withdrawn his permission to […]

This week (W/C 23.03.2015) two individuals fined and banned for pension advice failings. Two Individuals Fined & Banned for Pensions Advice Failings Two former directors of an advisory firm have been banned from performing senior roles within the financial services industry and fined after failing to ensure their company assessed the suitability of investments made […]