Banks given record fines for FX failings
The Financial Conduct Authority (FCA) has imposed its largest ever fine on five banks for their “unacceptable behaviour” in failing to manage risks in G10 spot foreign exchange trading (FX).
The Financial Conduct Authority (FCA) has imposed its largest ever fine on five banks for their “unacceptable behaviour” in failing to manage risks in G10 spot foreign exchange trading (FX).
A former financial adviser has been jailed for two years after “callously” conning clients out of almost £200,000
Platforms are making a costly mistake by failing to prepare themselves adequately for the Financial Conduct Authoritys (FCA) sunset clause deadline, warns Altus Consulting.
The UK’s most complained about advisory firm, Sesame, has been fined over £1.5m for setting up a pay-to-play scheme which promoted the company’s own commercial interests over those of its clients.
A Saudi businessmen is suing Barclays for $10bn in damages, claiming the company struck a secret settlement with the countrys government to further its own interests in the region.
An IFA who is currently employed by Holborn Assets in the UAE is facing a ban and £290,344 fine in the UK, after the FCA found he “recklessly” recommended high-risk investment products to clients.
EEA has been accused of deliberately withholding information after an action group discovered its troubled EEA Life Settlements fund is unlikely to repay outstanding portfolios.
A former chairman of PFC International has had his licence revoked and been fined $900,000 for mis-selling the EEA Life Settlements Fund to clients.
A group representing investors into the EEA Life Settlements Fund has criticised the FCA for continuing to harm advisers by encouraging complaints against them in its bombshell warning on the controversial fund last week.
Many regulators around the world are now looking to behavioural science to better understand how investors really behave, according to John Price, commissioner for the Australian Securities and Investments Commission.
In a highly unusual step, the Financial Conduct Authority has issued a statement urging investors in the EEA Life Settlements Fund to make a complaint to the firm which sold the investments before time runs out.
The Financial Conduct Authority has fined Barclays Bank just under £38m for failing to protect clients custody assets worth £16.5bn.