Banned IFA Gary Hexley is set to stand trial in September over giving investment advice without authorisation. In October 2012 Hexley was charged with six offences relating to investment advice given whilst unauthorised. His business partner John Cooper was charged with three offences. Hexley’s has been charged over carrying on a regulated activity without being […]

In the case of Andrew Jeffery v FCA, the Upper Tribunal upheld the FSA’s decision to ban Mr Jeffery from carrying out any function in relation to any regulated activity and to impose a financial penalty of £150,000 for breaches of Statements of Principle 1 and 4 of the FSA’s Statements of Principle and Code […]

A little known fact is that the FSA took more actions against individuals over the 2012/13 year than they did against firms. They took action against 55 individuals, which included over £5m in fines, 43 prohibitions, and 13 criminal convictions. In comparison, they took action against 38 firms (fining them £418m). http://www.fca.org.uk/static/documents/enforcement-credible-deterrence-speech.pdf  

Former Bradford & Bingley group finance director Chris Willford is potentially facing a £100,000 fine from the Financial Conduct Authority (FCA) after losing in the Court of Appeal yesterday. Willford’s identity had previously remained secret throughout the dispute but these restrictions have now been lifted as a result of the court’s decision. The regulator’s predecessor, […]

The UK Financial Services Authority has hardened its enforcement strategy over the last two years, but when a few record cases are set aside the average fine imposed by the regulator against firms has actually fallen, according to a new analysis. The total fines issued by the FSA rose to £98.6 million in the 2010/2011 […]

The Financial Conduct Authority (FCA) has fined EFG Private Bank Ltd (EFG) £4.2 million for failing to take reasonable care to establish and maintain effective anti-money laundering (AML) controls for high risk customers. The failings were serious and lasted for more than three years. EFG is the UK private banking subsidiary of the EFGI Group, […]

 The European Union has suspended sanctions against 81 Zimbabwe officials and eight Zimbabwe firms. This follows the country’s “peaceful successful and credible referendum on a new constitution” earlier this month. President Robert Mugabe and a few others including Zimbabwe Mining Development Corporation remain blacklisted until “peaceful, transparent and credible elections have been achieved” said an EU […]

 HM Treasury has updated  Financial Sanctions Notice: Iran (Human Rights): Council Implementing Regulation (EU) No 206/2013. The amendments to Annex 1 to the Regulation take the form of the addition of 9 individuals and 1 entity; these additions are therefore subject to the asset freeze imposed by the regulation. HM Treasury have also published an updated […]