Sanctions are prohibitive and restrictive measures directed at foreign governments and nations, individuals or groups, or non-state actors or groups. Sanctions have an impact on, among others, financial institutions and their customers through restrictions, and controls introduced on provision of goods and services and the movement of funds involving sanctioned countries, individuals and entities. Sanction […]

The FCA has fined and banned two former directors of stockbroking and wealth management firm Pritchard Stockbrokers. Pritchard managing director David Gillespie has been fined £10,500 and finance director David Welsby has been fined £14,000 for serious failings relating to the protection of client money. They both provided evidence of serious financial hardship, and otherwise […]

Island stock exchange fined £190000 but no individuals punished The Financial Services Commission (Bailiwick of Guernsey) Law, 1987, as amended (“The Financial Services Commission Law”) , The Channel Islands Stock Exchange, LBG. 1. The Guernsey Financial Services Commission (the “Commission”) is established pursuant to the terms of the Financial Services Commission (Bailiwick of Guernsey) Law, […]

The Channel Islands Stock Exchange (CISX) has been fined £190,000 by the Guernsey Financial Services Commission (GFSC).The fine relates to “possible market manipulation” and “irregular trading” in Arch Cru Funds. The investments have been wound up but were listed on the exchange until 2009. In February, Peter Harwood, Guernsey’s Chief Minister and the CISX director […]

The FCA has fined Barclays Bank Plc £37,745,000 for failing to adequately protect its clients’ custody assets. The FCA found that weaknesses in Barclays’ procedures and internal controls meant customers could have risked incurring extra costs, faced long delays or losing their assets if the bank had become insolvent. The fine relates to 95 custody […]

Peter Carron, a former financial adviser at St James’s Place Wealth Management, has been fined £300,000 and banned for conduct that breached Principle 1 of the statements of principle for approved persons. Mr Carron advised 11 clients to invest £2.4 million in three companies of which he was a director and majority shareholder and failed […]

On June 6 2014 draft primary legislation to provide the Jersey Financial Services Commission (JFSC) with the power to impose civil financial penalties for material contraventions of the codes of practice and the Anti-money Laundering and Counter-terrorist Financing Handbook was published. Who will be affected? All entities registered under the Banking Business (Jersey) Law 1991, […]

One of the final acts of the Office of Fair Trading before it was disbanded on 31 March 2014 was to penalise three firms of estate agents for anti-money laundering failures. Hastings International UK Limited is an estate agent with two premises in south London and was fined £47,966. Jackson Grundy Limited operates its estate […]