The Financial Conduct Authority (FCA) has today fined Bank of Scotland (BOS) £45,500,000 for failures to disclose information about its suspicions that fraud may have occurred at the Reading-based Impaired Assets (IAR) team of Halifax Bank of Scotland. The FCA found that BOS failed to be open and cooperative and failed to disclose information appropriately […]

The FCA has won its long-running legal battle against the fund manager behind the collapsed Arch cru range, paving the way to a ban and fine against the directors totalling £850,000. The legal challenge began back in December 2012 under the FSA when decision notices were issued against Arch Financial Products chief executive Robin Farrell […]

In Angela Burns v The Financial Conduct Authority [2014] UKUT 0509 (TCC) the Upper Tribunal held that Ms Burns was not fit and proper, as she failed to disclose conflicts of interests in relation to her role as a non-executive director for two organisations. Ms Burns challenged an FSA (the predecessor of the FCA) decision […]

In setting out new Guidance on assessing suitability in investment choices the Financial Services Authority (FSA) made clear it would be taking an “intrusive” and “intensive” supervisory approach.But as firms begin to look at what the report’s findings mean to them, are the action points clear and will the measures taken be viewed as sufficiently […]