Santander UK receives £12.4 million penalty from FCA due to investment advice failings LeapRate

March 26, 2014 BY Andrew Saks-McLeod

Santander UK receives £12.4 million penalty from FCA due to investment advice failings

UK division of European financial giant settles early with FCA to avoid fine of almost £17.7 million following FCA inspection which unearthed improper advice on investment products Amid the Financial Conduct Authority (FCA)'s current drive toward strengthening its regulatory stronghold over individuals and companies which offer financial advice to retail clients, the British regulatory authority…

February 27, 2014 BY Gerald Segal

Financial Times trashes retail forex trading

FT's article entitled 'Why would anyone trade forex?' shows clear misunderstanding of retail forex traders. LeapRate Exclusive.... In a follow up article to the news that FXCM had been fined £4 million by UK financial regulator FCA, the Financial Times ran an article questioning the basis of any retail trader participating in the forex industry, Indeed,…

February 26, 2014 BY Gerald Segal

FCA fines FXCM UK £4 million ($6.7M) for asymmetric slippage

Press release follows. Full details and background coming soon at LeapRate.... The Financial Conduct Authority fines FXCM UK £4 million for making 'unfair profits' and not being open with the FCA The Financial Conduct Authority (FCA) has fined Forex Capital Markets Ltd and FXCM Securities Ltd ("FXCM UK") £4,000,000 for allowing the US based FXCM…

February 03, 2014 BY Gerald Segal

State Street overcharges clients, fined £23 million by the FCA

The bank has systemically overcharged clients without their nor management's knowledge UK's financial regulator FCA has issued a press release detailing the wrongdoings of State Street UK and mandated the company to pay a hefty £23 million fine. According to the UK watchdog, State Street UK's Transitions Management has systemically marked up fees on certain…

January 23, 2014 BY Gerald Segal

FCA cracking down on money laundering, fines Standard Bank £7.6 million

The bank ignored connections to politically exposed persons connected to companies operating from known money laundering jurisdictions The Financial Conduct Authority has issued a press release announcing that it has fined Standard bank PLC £7.6 million for failing to enforce proper anti-money laundering rules and procedures to ensure that corporate customers are not connected to…

December 12, 2013 BY Gerald Segal

FCA issues its largest-ever fine for retail market activity to Lloyds - £28 million

Base salaries of advisors selling investment and protection products could be cut in half if targets were not met UK financial regulator FCA has announced on Wednesday that it is imposing its largest-ever fine for misleading retail practices of £28,038,844 on Lloyds Banking Group members – Lloyds TSB Bank and Bank of Scotland. According to…

November 26, 2013 BY Gerald Segal

FCA cracks down on SEI for failures with client funds

Failure to comply with Client Money Rules costs the company almost $1.5 million The Financial Conduct Authority has imposed a fine on SEI Investments Europe for breaching its so called Principle 10. The company has not protected the funds of its investors properly and has breached the standard practice of keeping customers' money in segregated…

October 15, 2013 BY Gerald Segal

FCA gets tougher, will publicize earlier warnings against (potential) wrongdoers

The UK's financial regulator The FCA plans to use the media as another weapon against violators. UK's financial regulator The FCA (formerly FSA) was given more powers under the UK's Financial Services Act of 2012, and now it has informed the public that it intends to use them. The FCA plans to publish, much earlier in…

Tag: FCA fine