2013 - Financial Conduct Authority

Fines Table - 2013

Last Modified: 18/11/2014
This table contains information about fines published during 2013. Total amount of fines is £474,263,738.
Amount Company or person fined Date What was the fine for?
£1,876,000 JLT Specialty Limited 19/12/2013 For failing to have in place appropriate checks and controls to guard against the risk of bribery or corruption when making payments to overseas third parties.
£100, 000 Westwood Independent Financial Planners 17/12/2013 For communications and suitability failings in relation to geared traded endowment policies (GTEPs).
£30,000 Christopher Willford 11/12/2013 For misconduct in his performance as a CF1 Director.
£28,038,800 Lloyds TSB Bank plc
Bank of Scotland plc
11/12/2013 For serious failings in the systems and controls governing financial incentives to sales staff.
£900,200 SEI Investments (Europe) Limited 25/11/2013 For failing to arrange adequate protection for client money for which it was responsible.
£105,000,000 Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. (Rabobank) 29/10/2013 For misconduct relating to the London Interbank Offered Rate (LIBOR).
£25,000 Porta Verde Financial Services Limited 24/10/2013 For serious failings in its appointed representatives’ sales practices.
£150,000 Mark Anthony Hurst Ainley 18/10/2013 For involvement in the submission of mortgage applications containing false information, and for making false and misleading statements to the FCA.
£525,000 Mark Bentley-Leek 18/10/2013 For misleading investment advice.
£360,000 Mustafa Dervish 18/10/2013 For misleading investment advice.
£20,000 Alison Moran 30/09/2013 Former compliance officer fined for failing to act with due skill, care and diligence.
£14,000,000 ICAP Europe Limited 25/09/2013 For misconduct relating to the London Interbank Offered Rate (LIBOR).
£8,904,000 Clydesdale Bank PLC 24/09/2013 For failing to treat its mortgage customers fairly.
£150,000 Mr Andrew Jeffery 23/08/2013 For a lack of integrity and for failing to deal openly and transparently with the regulator.
£137,610,000 JP Morgan Chase Bank NA 18/09/2013 For serious failings relating to its Chief Investment Office’s "London Whale" trades.
£1,802,200 AXA Wealth Services Ltd 12/09/2013 For failing to ensure it gave suitable investment advice to its customers.
£7,192,500 Aberdeen Asset Managers Limited and
Aberdeen Fund Management Limited
02/09/2013 For failing to identify, and therefore properly protect, client money placed in Money Market Deposits with third party banks.
£525,000 Guaranty Trust Bank (UK) Limited 08/08/2013 For failings in its anti-money laundering (AML) controls for high risk customers
£45,673 Vandana Madhukar Parikh 06/08/2013 For failing to act with due skill, care and diligence in the period leading up to the illegal manipulation of the closing price of securities traded on the LSE by Rameshkumar Goenka.
£28,000 John Douglas Leslie 26/07/2013 For failing to meet minimum regulatory standards in terms of performing significant influence functions with due skill, care and diligence.
£140,000 Paul David Cable 19/07/2013 For failing to put in place insurance policies for a client, and for not passing on the relevant premiums to insurer.
£7,380,400 Swinton Group Limited 16/07/2013 For failings in relation to its telephone sales of monthly add-on insurance products.
£5,620,300 The Royal Bank of Scotland plc and The Royal Bank of Scotland N.V 16/07/2013 For incorrectly reporting transactions made in the wholesale market.
£28,000 Jeffrey Simon Bennett 12/07/2013 For failing to exercise due skill, care and diligence in managing the business of Burlington for which he was responsible in his controlled function.
£597,993 Michael Coscia 03/07/2013 For Market Abuse (market manipulation).
£70,258 David Thomas Davis 05/07/2013 For failing to act with due skill, care and diligence in the period leading up to the illegal manipulation of the closing price of securities traded on the LSE by Rameshkumar Goenka.

£2,834,700

Policy Administration Services Limited

01/07/2013

For poor complaints handling of mobile phone insurance policies sold by Phones 4u Ltd.

£945,277

Gurpreet Singh Chadda

19/06/2013

For deliberately misleading vulnerable customers for personal gain.

£6,031,200

Sesame Limited

05/06/2013

For failing to ensure advice given to customers was suitable and for poor systems and controls.

£63,000

Christopher John Riches

05/06/2013

For conducting regulated activities despite being subject to a requirement.

£120,900

Xcap Securities Plc

31/05/2013

For client asset failings.

£3,076,200

J.P. Morgan International Bank Limited

10/05/2013

For systems and controls failings relating to its provision of retail investment advice and portfolio investment services.

£13,300 Douglas Jones 29/04/2013 For failing to ensure that Which Mortgage had appropriate controls to verify information submitted by clients to support mortgage applications, and for altering certain client files to attempt to mislead the FSA as to the controls.
£4,200,000 EFG Private Bank 28/03/2013 For failing to take reasonable care to establish and maintain effective anti-money laundering (AML) controls for high risk customers.
£56,000 Care Asset Management Limited 27/03/13 For breach of rules in relation to its sale of products provided by keydata.
£16,000,000 The Prudential Assurance Company Limited 27/03/13 For failing to deal with the FSA in an open and cooperative manner.
£14,000,000 Prudential plc 27/03/13 For Listing Rules breaches.
£2,428,300 Lamprell plc 18/03/13 For Listing Rules breaches.
£4,315,000 Lloyds TSB Bank Plc, Lloyds TSB Scotland Plc, and Bank of Scotland plc 15/02/13 For delayed PPI redress payments.
£175,000 Nestor Healthcare Group Limited 14/02/13 For failing to take adequate steps to ensure that its board members and senior executives complied with the share dealing provisions of the FSA’s Model Code.

£9,450,000

UBS AG

08/02/13

For failings in its sale of an AIG fund.

£87,500,000

The Royal Bank of Scotland plc

06/02/13

For misconduct relating to the London Interbank Offered Rate (LIBOR).

£900,000 (and  disgorgement of €362,950)

Stefan Chaligne

24/01/2013

For market abuse (market manipulation).

£650,000

Patrick Sejean

24/01/2013

For market abuse (market manipulation).

£212,237

Harbinder Panesar

15/01/2013

For misappropriating money from his business and selling worthless policies.

 

£10,000

Thomas Reeh

07/01/2013

For numerous failings in relation to the sale of mortgages and payment protection insurance (PPI).

£50,000

Christopher Ollerenshaw

07/01/2013

For numerous failings in relation to the sale of mortgages and payment protection insurance (PPI).

£113,300 Co-operative Bank plc 04/01/2013 For failing to handle payment protection insurance (PPI) complaints fairly.

 

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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