The FCA has also decided to fine Metro Bank’s former Chief Executive Craig Donaldson and former Chief Financial Officer David Arden £223,100 and £134,600, respectively, for being knowingly concerned in Metro Bank’s breach. Metro Bank has not referred the FCA’s decision to the Upper Tribunal. The two individuals have referred their respective Decision Notices to...
Category: Press Releases
Home » Press Releases » Page 41
Post
FCA fines Santander UK £107.7 million for repeated anti-money laundering failures
Between 31 December 2012 and 18 October 2017, Santander failed to properly oversee and manage its AML systems, which significantly impacted the accounting oversight of more than 560,000 business customers. Santander had ineffective systems to adequately verify the information provided by customers about the business they would be doing. The firm also failed to properly...
Post
FCA fines three broker firms £4,775,200 for failures relating to the detection of market abuse
The FCA has fined BGC Brokers LP, GFI Brokers Limited, and GFI Securities Limited (together, BGC/GFI) £4,775,200 for failing to ensure they had appropriate systems and controls in place to effectively detect market abuse. BGC/GFI failed to properly implement the Market Abuse Regulation (MAR) trade surveillance requirements. This meant there was an increased risk that...
Post
FCA publishes Decision Notices against three bond traders for market manipulation
The FCA has decided to ban Mr. Urra, Mr. Lopez Gonzalez, and Mr. Sheth from performing any functions in relation to regulated activity. The FCA has also imposed fines of £395,000 on Mr. Urra and £100,000 each on Mr. Lopez Gonzalez and Mr. Sheth. The traders, who worked at Mizuho International Plc at the time,...
Post
FCA outlines stronger rules to protect consumers from rogue financial promotions
The FCA has today outlined new checks for those firms which want to approve financial promotions. The new measures will require firms to demonstrate they have the right expertise for the promotions they wish to approve. Under current legislation, any FCA-authorised firm is allowed to approve financial promotions on behalf of other firms that are...
Post
ASIC suspends AFS licence of Quantum Funds Management Limited
ASIC has suspended the Australian financial services (AFS) license of Quantum Funds Management Limited (QFML) until 15 October 2023. QFML is the responsible entity of the following registered managed investment schemes: Quantum Mortgage Trust (ARSN 095 909 096) Quantum Residential Property Trust (ARSN 1695 569 335) Quantum USA Residential Property Fund (ARSN 150 434 138),...
Post
ASIC takes civil penalty action against American Express Australia in first court case alleging breaches of design and distribution obligations
ASIC has commenced proceedings in the Federal Court against American Express Australia Limited (Amex), in ASIC’s first civil penalty case alleging breaches of design and distribution obligations. The case concerns two credit cards issued by Amex that were co-branded with retailer David Jones (the credit cards). Under the design and distribution obligations, Amex was required...
Post
Insurance providers warned not to undervalue cars or other insured items when settling claims
Insurance firms have been warned not to undervalue cars and other insured items when settling insurance claims, especially during the cost of living squeeze. The Financial Conduct Authority (FCA) has seen evidence that some consumers who have had their cars written off after an accident are being offered by their insurance providers a price lower...
Post
ASIC issues infringement notices against investment manager for greenwashing
ASIC has issued three infringement notices to investment manager Vanguard Investments Australia Ltd (Vanguard) in further action against alleged greenwashing. ASIC was concerned that Product Disclosure Statements for the Vanguard International Shares Select Exclusions Index Funds (the Vanguard Funds) may have been liable to mislead the public by overstating an exclusion, otherwise known as an...
Post
ASIC highlights focus areas for 31 December 2022 reporting
ASIC is urging directors, preparers of annual and half-year reports, and auditors to assess whether companies’ financial reports provide useful and meaningful information for investors and other users, as it highlights key focus areas for reporting by companies for full and half-years ending 31 December 2022. ASIC Commissioner Sean Hughes said, ‘Directors should ensure that...
Civil rights law practice area legal advice is the application of abstract principles of law to the concrete facts of the client’s case.