The following has been reported on Reuters 20 may 2014  – 1.  Credit Suisse has agreed to pay a $2.5 billion (1.4 billion pounds) fine to authorities in the United States for helping Americans evade taxes after becoming the largest bank in 20 years to plead guilty to a U.S. criminal charge. 2.  The bank’s […]

The Financial Conduct Authority (FCA) has fined Besso Limited £315,000 for a failure to take reasonable care to establish and maintain effective systems and controls for countering the risks of bribery and corruption. The FCA found that Besso, a general insurance broker, operated a weak control environment surrounding the sharing of commissions with third parties […]

 Mark Stevenson, a bond trader, has been banned and fined £662,700 (after a 30 per cent discount) for engaging in market manipulation. On 11 October 2011, on the first day of the second round of quantitative easing in the UK, Mr Stevenson, formerly employed by Credit Suisse, bought £331 million of a UK Government gilt. […]

Former Bradford and Bingley finance director failed to provide accurate information to board prior to collapse. The former finance director at failed bank Bradford and Bingley has been slapped with a £30,000 fine by the Financial Conduct Authority over his failure to provide accurate information to the board prior to its collapse in 2008. The […]

RBS (the Bank) concealed the fact that it was doing business with Iran between 2005 and 2009. Royal Bank of Scotland has agreed a $100m (£61m) settlement with a trio of US regulators for violating sanctions against dealing with Iran, Sudan, Burma and Cuba. The bank yesterday (10 December) reached a settlement with the Board […]

Headlines across the financial press were dominated this morning by the news that Lloyds has been slapped with the regulator’s largest ever retail conduct fine of £28m in relation to venal incentive schemes that led to inappropriate customer sales. The devil in the detail shows just how insidious these incentives – which ranged from carrot […]

Guernsey’s Financial Services Commission has fined Generali Worldwide Insurance Company £150,000 for what it said were “failings in systems and controls” that occurred between 2008 and 2010. Generali Worldwide is an arm of the Trieste, Italy-based Generali Group, one of the world’s largest insurance companies. It is a separate company from Generali International, and focuses […]

The FCA has issued 85 final notices since it was formed in April, research by Wolters Kluwer Financial Services has revealed. The regulator’s promise to adopt a tougher and more interventionist approach was borne out by the London-based consultancy’s research into its activity since April. Wolters’ report revealed the FCA published an average of 11.3 […]