The Financial Conduct Authority has banned and fined a financial adviser £10,000 over his failure to collect and record the necessary information about clients who were advised to invest in high risk products such as unregulated collective investment schemes. In a decision notice, published today (4 November), the FCA fined financial adviser Clive Rosier, the […]

Date 29/10/2013 – The Financial Conduct Authority (FCA) has fined Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. (Rabobank) for serious, prolonged and widespread misconduct relating to the London Interbank Offered Rate (LIBOR). The £105 million fine is the third highest ever imposed by the FCA or its predecessor, the Financial Services Authority, and the fifth penalty for LIBOR-related […]

The FCA has censured Catalyst Investment Group Limited (Catalyst) for recklessly misleading investors when promoting bonds offered by ARM Asset Backed Securities (ARM) in breach of Principles 1 and 7 of the FCA’s Principles for Businesses. The FCA fined Catalyst’s former compliance officer, Alison Moran, £20,000 for failing to act with due skill, care and […]

Adviser duo prohibited as they “did not detect the risk that the Ucis were routinely being promoted to ineligible consumers”. The Financial Conduct Authority has imposed fines of £28,000 each on two advice firm compliance heads and banned them from performing significant influence functions at any FCA-regulated firm. John Leslie and Jeffrey Bennett held controlled […]

The Financial Conduct Authority has fined a compliance officer and a broker a total of around £116,000 for allowing market abuse to take place. The fines relate to a market abuse case dating back to October 2010, which saw the FSA impose its largest ever individual fine of £6m against private investor Rameshkumar Goenka. Stockbroker […]

Latvia’s Financial and Capital Market Commission on Tuesday (18 June) said it has imposed a fine of 100,000 lats (€142,543) – the maximum fine under Latvian law – on a bank involved in laundering over €170 million stolen from the Russian government. The name of the bank was not made public. The money laundering scheme […]

In the case of Andrew Jeffery v FCA, the Upper Tribunal upheld the FSA’s decision to ban Mr Jeffery from carrying out any function in relation to any regulated activity and to impose a financial penalty of £150,000 for breaches of Statements of Principle 1 and 4 of the FSA’s Statements of Principle and Code […]

A little known fact is that the FSA took more actions against individuals over the 2012/13 year than they did against firms. They took action against 55 individuals, which included over £5m in fines, 43 prohibitions, and 13 criminal convictions. In comparison, they took action against 38 firms (fining them £418m). http://www.fca.org.uk/static/documents/enforcement-credible-deterrence-speech.pdf