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Client Money and Custody Rules

The FCA has recently completed a review of 24 firms for their compliance with CASS. Although the firms reviewed operated in the CFD and spread betting arena, all firms subject […] [...]

FCA secures fine of £3.2M for insider dealers

Seven insider dealers have been ordered to pay £3.2 million following a court case bought by the FCA. According to the FCA, the seven men obtained market sensitive information from […] [...]

Transaction Reporting Problems

Transaction reporting (SUP 17) continues to be a problem area for firms. RBS is the latest big name to be fined (£5.6m after a discount for early settlement, otherwise it […] [...]

Transactions Actions

Things have been quiet of late in respect of transaction reporting failings by firms since City Index (see Regulatory Roundup 25). However the silence was broken by the publication of […] [...]

FSA Fines – a Better Use of Money

The well publicised LIBOR and EURIBOR issues at Barclays Bank led to an FSA fine of £59.5M. As a result of the Barclays affair the FSA Fines Table 2012 now […] [...]

Money Laundering Failings

Following the FSA action taken against Coutts & Company in March for money laundering failings, the FSA has fined a further firm for such issues. Habib Bank AG Zurich (Habib), […] [...]

Currie Conflicts

A Final Notice reveals that the FSA has fined Martin Currie Investment Management Ltd (MCIML) and Martin Currie Inc (MCI – together Martin Currie) for failing to properly manage a […] [...]

Only a matter of days after Hector Sants’ speech on corporate governance (see previous article) the FSA published Final Notices relating to corporate governance failings by Mitsui Sumitomo Insurance Company […] [...]

Client Money: Auditor Failings

It may be recalled that the Client Money failings at J P Morgan Securities Ltd (JPMSL) resulted in an eye-watering financial penalty of £33.32M being imposed by the FSA in […] [...]

CICA

Combined Insurance Company of America (CICA) had the honour of being the last firm to incur an FSA imposed financial penalty in 2011. Although CICA’s business is the provision of […] [...]

Mercurius

Two related Final Notices have been published which are interesting in the miscellany of wrong-doings committed. Mercurius International was a Cayman based hedge fund with investment management undertaken by Mercurius […] [...]

Prompt Response

A prompt, but hasty, response to a FSA letter cost Towry Investment Management Ltd (TIM) £494K in penalties. A ‘Dear CEO’ letter was sent out in January 2010 (see Regulatory […] [...]

FSA Action on Unregulated Collective Investment Schemes

Regulatory Roundup 29 mentioned the continuing interest of the FSA in the marketing of unregulated collective investment schemes (UCIS) and the penalty of £35,000 imposed on Specialist Solutions Public Limited […] [...]

Swift Decision

As may be recalled, under the Financial Services Act 2010 the FSA, in enforcement action cases, now has enhanced powers allowing it to publish decision notices before issuance of the […] [...]

Compliance Officer: FSA Action

Regulatory Roundup 28 contained an article on the fine imposed upon ActivTrades for client money failings. The FSA action arose following an FSA thematic visit and consequent s166 skilled person […] [...]

Client Money: FSA Action

Whilst on the subject of client money, ActivTrades Plc, a broker specialising in FX, CFDs and futures, has been fined £85,750 for client money failings. Firms that hold client money […] [...]

Shadow Partner Banned

In June of last year Vantage Capital Markets LLP (VCM), an inter-dealer broker, was subject to a fine of £700K arising from the activities of Daniel Hassell. Mr Hassell’s former […] [...]

Transaction Failings

City Index Ltd is the seventh firm to be fined by the FSA in the past 18 months or so for transaction reporting failures. The last transaction reporting case was […] [...]

Client Money

Not a good start to the year for Barclays. On top of the £7.7m fine for investment advice failings (Barclays Bank), Barclays Capital (BarCap) incurred a £1.12m fine for client […] [...]

Fines 2010

It has been a bumper year for FSA fines, with a total of £89,121,281.50. £50m of that sum was down to actions taken against JP Morgan (client money failings) and […] [...]

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