Category: Press Releases

Dec 28
FCA publishes the Swift Review into the supervisory intervention on interest rate hedging products

The FCA has accepted recommendations made by John Swift QC, who was commissioned to review the design, implementation and operation of the redress scheme set up for customers who were missold interest rate hedging products (IRHPs) from 2001. The actions taken by the Financial Services Authority (FSA) nearly a decade ago delivered redress of £2.2 […]

Dec 28
NatWest fined £264.8 million for anti-money laundering failures

National Westminster Bank Plc (NatWest) was today fined £264,772,619.95 following convictions for three offences of failing to comply with money laundering regulations. Mrs Justice Cockerill, the sentencing judge at Southwark Crown Court, today said: ‘….it must be borne in mind that although in no way complicit in the money laundering which took place, the Bank […]

Dec 27
Craig Whyte appears at court for failing to provide key passwords for seized devices

In a prosecution brought by the Financial Conduct Authority (FCA), Craig Whyte has been charged with failing to provide passwords for various laptops and phones. Mr Whyte appeared today at Manchester and Salford Magistrates’ Court, having been arrested at Manchester Airport yesterday at the request of the FCA by officers from Greater Manchester Police. The […]

Dec 27
FCA publishes Decision Notice against hedge fund for conflicts of interest failings

The Financial Conduct Authority has published a Decision Notice against BlueCrest Capital Management (UK) LLP (BCMUK) setting out its decision to impose a financial penalty of £40,806,700 on the firm. BCMUK has elected to refer the case directly to the Upper Tribunal which will determine the appropriate action, if any, for the FCA to take. […]

Dec 27
FCA fines HSBC Bank plc £63.9 million for deficient transaction monitoring controls

The FCA has fined HSBC Bank plc (HSBC) £63,946,800 for failings in its anti-money laundering processes. HSBC used automated processes to monitor hundreds of millions of transactions a month to identify possible financial crime. However, the FCA found that three key parts of HSBC’s transaction monitoring systems showed serious weaknesses over a period of eight […]

Dec 27
FCA publishes warning notice statements for GAM International Management and Timothy Haywood

The Financial Conduct Authority (FCA) has fined GAM International Management Limited £9.1m and Timothy Haywood £230,037 for conflicts of interest and gifts & entertainment matters. Both the Firm and Mr Haywood agreed to resolve all issue of fact and liability and so they qualified for a 30% discount. The financial penalties would have been £13m […]