Citigroup Global Markets has agreed to pay $18.3m (£14.5m, €17.1m) to settle charges in the US that it overcharged around 60,000 clients £18m for advice and misplaced contracts over a 15-year period.
The Hong Kong Securities and Futures Commission (SFC) has fined asset manager Value Partners and its subsidiary Value Partners Hong Kong HK$4m (£412,479, $515,644, €479,669) for breaching regulations in the management of two SFC-authorised funds.
The more than 97% decrease in fines levied by the UK regulator against financial institutions does not signal a return to light touch regulation, says Mark Steward, director of enforcement and market oversight at the Financial Conduct Authority (FCA).
The first westerner to be charged in connection with the 1MDB scandal has been sentenced to 28 weeks in jail and fined S$128,000 (£73,352, $89,174, €84,235) by a Singapore court.
The UK’s Financial Conduct Authority (FCA) netted £22.2m ($27.9m, €26.4m) in fines against 23 financial institutions during 2016, a more than 97% drop from last year, reports the Guardian.
Disciplinary action taken by Hong Kong’s Securities and Futures Commission (SFC) kicked up a gear during 1H16, rising 66.7% from last year.
JPMorgan Chase, HSBC and Crédit Agricole have been hit with fines totalling €485m (£409m, $521m) by the European Commission for rigging Euribor rates.
Investment manager Pimco has been fined nearly $20m (£15.9m, €18.9m) by the US Securities and Exchange Commission (SEC) for misleading investors about the performance of its actively managed Total Return ETF.
The head of a UK IFA firm, which was one of the biggest sellers of the ill-fated Harlequin Property investments, has been fined £233,600 (€274,259, $291,491) for the poor advice he doled out to pension clients.
Australia’s financial services regulator has told the country’s ‘Big Four’ and leading wealth manager AMP to repay at least A$178m (£111m, €125m, $136m) to more than 200,000 customers after charging them for financial advice they did not receive.
Hong Kong’s Securities and Futures Commission (SFC) is looking to disqualify 10 directors of Freeman FinTech Corporation and seeking compensation of HK$76.8m (£8.0m, $9.9m, €8.8m) for losses incurred during the acquisition of a local firm.
Aviva has been fined £8.2m ($10.4m, €9.3m) by the Financial Conduct Authority (FCA) for failing to monitor outsourced client assets on its wrap platform.
