FCA Fines Bank of Beirut (UK) Ltd, Compliance Officer And Internal Auditor For Providing Misleading Information To The FCA A decision report and comment on the FCA’s decision in March 2015 to fine and publicly censure a bank, its compliance officer and its internal auditor for providing misleading information to the FCA. The bank in […]

The FCA has fined Alberto Micalizzi, the former CEO of Dynamics Decisions Capital Management Limited, £2.7 million for breaching Principle 1 of the Statements of Principle for Approved Persons and banned him from performing any function in relation to regulated activity. The FSA, the predecessor to the FCA, had originally imposed such a ban and […]

In this report we consider the FCA’s decision to fine Invesco Asset Management Ltd and Invesco Fund Managers Ltd (together, Invesco Perpetual) £18,643,000 for failings relating to fund management and for exposing investors to greater levels of risk than they had been led to expect. Background Invesco Asset Management Ltd and Invesco Fund Managers Ltd […]

The U.K. Financial Conduct Authority (FCA) fined the Bank of Beirut £2.1 million ($3.2 million) and stopped it from acquiring new customers from high-risk jurisdictions for four months. The Financial Conduct Authority of Britain said on Thursday 5th MARCH 2015 that it had fined the Bank of Beirut and temporarily banned it from signing up new clients […]

The FCA has fined Aviva Investors Global Services Limited (Aviva) £17.6 million, including a 30 per cent discount, for weaknesses in their systems and controls that meant that Aviva were unable to manage conflicts of interest properly and fairly. These failings resulted in breaches of Principles 3 and 8 of the FCA’s Principles for Businesses. […]

The FCA levied around £1.5bn in fines during 2014, nearly three times the amount raised the year before. Last year was one of bumper fines, with five banks told to pay a record £1.1bn for failing to control business practices in their G10 spot foreign exchange trading operations. Citibank NA was fined £225.5m, HSBC £216.3m, […]

A non-executive director who failed to declare a conflict of interest has lost her appeal against the Financial Conduct Authority (FCA), which had fined her £154,800 and banned her from holding a regulated financial services role. In 2012, the FCA’s predecessor the Financial Services Authority (FSA) found that Angela Burns had “failed to act with […]

LONDON ― In November, the United Kingdom’s Financial Conduct Authority announced a settlement in which six banks would be fined a total of $4.3 billion for manipulating the foreign-exchange market. And yet share prices barely reacted. Why? The nefarious practices and management failings uncovered during the yearlong investigation that led to the fines were shocking. […]