Fines - Financial Conduct Authority

2016 fines

Published: 02/01/2016     Last Modified: 13/05/2016
This table contains information about fines published during 2016. The total amount of fines is £4,859,785 (excluding Mr Shay Jacob Reches' additional penalty).
Amount Company or person fined Date What was the fine for?
£36,285 Mark Samuel Taylor 13/05/2016 For breaches of FIT as well as section 118(2) Financial Services and Markets Act 2000, related to market abuse and a lack of fitness/propriety in the wealth management and private banking sector.
£10,000 Terence Andrew Joint 09/05/2016 For breaches of APER 6, APER 7, FIT and CASS related to a lack of fitness/propriety and client money/assets misconduct in the general insurance and protection sector.
£450,000 Timothy Alan Roberts 08/04/2016 For failure to comply with Statement of Principles 1 and 6 of the Authority’s Statements of Principle for Approved Persons
£1,200,000 W H Ireland Limited 23/02/2016 For breaching PRIN 3 and SYSC related to market protection, culture/governance and conflicts of interest in the wealth management and private banking sector
£792,900 Achilles Othon Macris 09/02/2016 For Breaching Statement of Principle 4
£1,050,000 Shay Jacob Reches 01/02/2016 For breaching section 63A of the Financial Services and Markets Act 2000 and FIT
£13,130,000 Shay Jacob Reches (additional penalty) 01/02/2016 For breaching section 63A of the Financial Services and Markets Act 2000 and FIT
£51,600 Colin J McIntosh 01/02/2016 For breaching Statement of Principle 1,4 and 7. Also breaching FIT and certain applicable rules set out by CASS
£37,400 Robert John Bygrave 01/02/2016 For breaching Statement of Principle 6, FIT and certain applicable rules set out in CASS
£18,700 Andrea Christine Sadler 01/02/2016 For breaching Statement of Principle 6, FIT
£38,600 Wayne Anthony Redgrave 01/02/2016 For breaching Statement of Principle 6 and certain applicable rules set out by ICOBS
£1,137,500 Millburn Insurance Company Limited (in administration) 01/02/2016 For breaching Principle 11
£36,800 Coverall Worldwide Ltd 01/02/2016 For breaching Principles 1, 3 and 10 and certain applicable rules set out in CASS and COND

 

Related documents

Business Plan 2013 to 2014 - on page 55 there is a summary of what happens to the fines.

Fines Consultation Paper - details can be found on page 17



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