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Tag Archive: fine

  • Barclays’ chiefs surrender bonuses over LIBOR fines

    Barclays has been fined £59.5 million by the Financial Services Authority (FSA) for misconduct relating to the London Interbank Offered Rate (LIBOR) and the Euro Interbank Offered Rate (EURIBOR). The misconduct, which involved a significant number of employees at the … Read more »

  • Ofcom: new rules on “silent calls” from today

    Ofcom is reminding firms that new rules on the “silent” calls sometimes generated by call centre automated dialling systems, come into force today. In addition, failure to comply with new regulations aimed at preventing consumers being harassed by repeated silent … Read more »

  • RBS fined £28m for price fixing with Barclays

    Royal Bank of Scotland (RBS) is to pay a fine of £28.59 million for having engaged in anti-competitive practices with Barclays in relation to the pricing of loan products to large professional services firms. Barclays brought the matter to the … Read more »

  • Deutsche Bank settles US tax evasion case

    Deutsche Bank has settled up on areas of wrongdoing regarding US tax law by entered into a Non-Prosecution Agreement with the United States Attorney’s Office for the Southern District of New York. The bank has also reached a Closing Agreement … Read more »

  • “Silent calls” penalty upped to £2m

    Financial firms that fall foul of Ofcom regulations by generating too many “silent calls” will shortly be facing a maximum fine of £2 million. MPs agreed to increase the penalty from £50,000 earlier this week, effective later this month. The … Read more »

  • Citigroup follows Goldman with fine for fraud charges

    Citigroup has become the second US bank in a fortnight to settle allegations of fraud, by paying a fine to the Securities and Exchange Commission (SEC). The bank’s $75 million penalty relates to a charge of misleading investors over the … Read more »

  • PwC called to account over JPMorgan Chase audit

    PricewaterhouseCoopers (PwC) could face disciplinary action over its role as auditor of investment bank, JPMorgan Chase. Last week, the Financial Services Authority (FSA) fined JPMorgan Securities Ltd (JPMSL) £33.32 million for failing to protect client money by segregating it appropriately. … Read more »

  • Credit Suisse fined over missing transaction reports

    Credit Suisse has been hit with a £1.75 million fine from the Financial Services Authority (FSA) for failing to provide accurate and timely transaction reports. The reports are used by the regulator to detect and investigate suspected market abuse, such … Read more »

  • RBS fined £28m for competition law breach

    Royal Bank of Scotland (RBS) has agreed to pay a fine of £28.59 million after admitting breaches of competition law to the Office of Fair Trading (OFT). The agreement follows an OFT investigation which found that between October 2007 and … Read more »

  • FSA fines insider trader £967k

    The Financial Services Authority (FSA) has imposed its largest penalty on an individual to date, despite recognising that the case involved no intent to commit market abuse. The regulator fined Mehmet Sepil, the chief executive officer of Turkish oil exploration … Read more »

  • Offshore savers’ tax amnesty ends 4th January

    Offshore account holders are reminded that a “Disclosure Opportunity” for unpaid tax on interest expires at midnight on Monday 4th January 2010. The original deadline of 30th November was extended by HM Revenue & Customs to give banks additional time … Read more »

  • GMAC-RFC to repay millions to unfairly treated borrowers

    Sub-prime lender, GMAC-RFC, has been fined £2.8 million by the Financial Services Authority (FSA) for failing to treat customers fairly. The firm has also agreed redress of up to £7.7 million (plus interest) for over 46,000 of the firm’s mortgage … Read more »

  • FSA fine Barclays £2.45m

    The Financial Services Authority (FSA) has hit Barclays Capital Securities Ltd and Barclays Bank PLC (Barclays) with a fine of £2.45m. The punishment has been dished out for inaccurate transaction reporting, and for weak system and controls pertaining to transaction … Read more »

  • HSBC fined £3m for customer data failings

    Three subsidiaries of HSBC have been fined for not having adequate systems and controls in place to protect their customers’ confidential details. The Financial Services Authority (FSA) has levied a penalty of over £3 million for failings that contributed to … Read more »

  • FSA’s tougher stance includes bankruptcy

    The Financial Services Authority’s (FSA) tougher regulatory stance includes bankrupting those who omit to pay their fines. The regulator has secured a bankruptcy order in the High Court against former East London mortgage broker, Sadia Nasir, for non-payment of a … Read more »

  • FSA fines Morgan Stanley £1.4m for trader breaches

    The Financial Services Authority (FSA) has fined Morgan Stanley & Co International Plc £1.4 million for systems and controls failings in relation to a trader who hid losses of $120 million (£79 million). The regulator has also banned said trader, … Read more »

  • FSA moves in on voluntary banking code

    The Financial Services Authority (FSA) has announced that from November, it will be taking over the rules of conduct for the deposit taking and payment services activities of all retail banks and credit unions. Banks’ day-to-day conduct with their customers … Read more »

  • FSA fines AWD Chase de Vere for mis-selling pensions

    The Financial Services Authority (FSA) has fined AWD Chase de Vere Wealth Management £1.12 million for serious failings in its pension transfer, pension annuity and income withdrawal business. The regulator found that the firm mis-sold some pension transfers and pension … Read more »

  • FSA fines money laundering compliance officer £17,500

    The Financial Services Authority (FSA) has issued a £17,500 fine to the money laundering reporting officer of Sindicatum Holdings Limited. The regulator handed down the penalty because the officer in question did not have adequate systems and controls in place … Read more »

  • A&L fined £7m for mis-selling PPI

    The Financial Services Authority (FSA) has fined Alliance & Leicester (A&L) a staggering £7 million for serious failings in its sales of payment protection insurance (PPI). The regulator found that for the period from January 2005 to December 2007, A&L … Read more »