HBOS boss fined by FSA slams bosses and regulator 03 Jan 2013 Former HBOS head of corporate banking Peter Cummings today accused the Financial Services Authority of blaming him alone for the bank’s near collapse in 2008, and said it was “sinister and curious that I was singled out”. He criticised the FSA, which fined […]

UBS fined £160 million for significant failings in relation to LIBOR and EURIBOR 20 Dec 2012 The Financial Services Authority (FSA) has fined UBS AG (UBS) £160 million for misconduct relating to the London Interbank Offered Rate (LIBOR) and the Euro Interbank Offered Rate (EURIBOR). This is the largest fine ever imposed by the FSA.UBS’s […]

Compliance lessons: FSA statement on HSBC 14 Dec 2012　 The Financial Services Authority (FSA) has issued a statement setting out the actions required of HSBC Holdings plc to remedy the widespread failings with regard to compliance with anti-money laundering rules and U.S. sanctions requirements. The FSA has issued the statement as the lead regulator for […]

UK banks hit with record $2.5bn in US fines 12 Dec 2012 HSBC and Standard Chartered have agreed record settlements over money laundering allegations as the former agrees to pay $1.9bn to US regulators. HSBC, which had been alleged to have helped launder money belonging to drug cartels and countries under US sanctions, will pay […]

FSA fining and the Govt coffers 10 Dec 2012 The government has previously decided to divert the revenue from all FSA fines to Treasury coffers, back-dated to April, so the fines are no-longer used to offset the industry’s regulatory fees So the total fines imposed by the regulator this year to a record-breaking £150m go […]

UK’s FSA fines UBS in the wake of Adoboli conviction – 29 Nov 2012 The UK’s Financial Services Authority has fined UBS GBP42.4 million (discounted to GBP29.7 for early settlement) for failures in systems and controls that allowed trader Kweku Adoboli to lose more than USD2,300 million. To lose one chunk of cash is unfortunate, […]

Thematic review by the FSA of asset managers is imminent 29 Nov 2012 The Financial Services Authority is shortly to embark on a thematic review of asset managers. Its focus will be on the risks of bribery and corruption, sanctions and money laundering. Twenty two firms have already been identified for review and the regulator’s […]

FSA censures Capita Financial Managers Limited 27 Nov 2012 News itemThe Financial Services Authority (FSA) has issued a public censure against Capita Financial Managers Limited (CFM) for its failings in relation to the CF Arch cru funds between June 2006 and March 2009. CFM is the Authorised Corporate Director (ACD) of the CF Arch cru […]