2014 - Financial Conduct Authority

2014 fines

Last Modified: 11/08/2015
This table contains information about fines published during 2014. The total amount of fines is £1,471,431,800.
Amount Company or person fined Date What was the fine for?  
£42,000,000 Royal Bank of Scotland Plc, National Westminster Bank Plc and Ulster Bank Ltd 20/11/2014 For breaches of Principle 3 between 1 August 2010 and 10 July 2012 ("Relevant Period").  
£560,000 Chase de Vere Independent Financial Adviser Limited (Formerly AWD Chase de Vere Limited) 17/11/2014 For breaches of  Principles 3 and 7, SYSC 3.2.6R and Certain applicable rules set out in COB and COBS.  
£225,575,000 Citibank N.A. 11/11/2014 For failing to take reasonable care to organise and control its affairs responsibly and effectively with adequate risk management systems in relation to G10 spot FX voice trading in London.  
£216,363,000 HSBC Bank Plc 11/11/2014 For failing to take reasonable care to organise and control its affairs responsibly and effectively with adequate risk management systems in relation to G10 spot FX voice trading in London.  
£222,166,000 JPMorgan Chase Bank 11/11/2014 For failing to take reasonable care to organise and control its affairs responsibly and effectively with adequate risk management systems in relation to G10 spot FX voice trading in London.  
£217,000,000 The Royal Bank of Scotland Plc 11/11/2014 For failing to take reasonable care to organise and control its affairs responsibly and effectively with adequate risk management systems in relation to G10 spot FX voice trading in London.  
£233,814,000 UBS AG 11/11/2014 For failing to take reasonable care to organise and control its affairs responsibly and effectively with adequate risk management systems in relation to G10 spot FX voice trading in London.  
£208,600 Anthony Peter Clare 05/11/2014 For failing to comply with Statement of Principle 6  and Statement of Principle 7 of the Authority's Statement of Principle for Approved Persons.  
£306,700 Nicholas Bowyer 05/11/2014 For failing to comply with Statement of Principle 6 of the Authority's Statement of Principle for Approved Persons.  
£412,700 Peter Joseph Halpin 05/11/2014 For failing to take reasonable steps to ensure that the business of Swinton for which he was responsible in his significant influence function of CF1 and CF3 during the relevant period complied with the relevant requirements and standards of the regulatory system.  
£1,598,000 Sesame Limited 29/10/2014 For failure to manage conflicts of interest.  
£4,135,600 Yorkshire Building Society 28/10/2014 For serious failings in the treatment of mortgage customers facing payment difficulties.  
£10,500 David Gillespie 09/10/2014 For serious failings in relation to the protection of client money.  
£14,000 David Welsby 09/10/2014 For serious failings in relation to the protection of client money.  
£37,745,000 Barclays Bank Plc 23/09/2014 For failing to properly protect clients’ safe custody assets worth £16.5 billion.  
£300,000 Peter Thomas Carron 16/09/2014 For failing to act with honesty and integrity and exposing clients to excessive risk of financial loss.  
£350,000 Craig Stuart Cameron 29/08/2014 For failing to act with honesty and integrity in performing the significant influence function.  
£14,474,600 The Royal Bank of Scotland plc and National Westminster Bank plc 27/08/2014 For serious failings in their advised mortgage business.  
£4,718,800 Deutsche Bank AG 21/08/2014 For failing to accurately report all the CFD Equity Swaps.  
£8,373,600 Stonebridge International Insurance Limited 07/08/2014 In relation to sales of accident insurance products.  
£105,000,000 Lloyds Bank plc and Bank of Scotland plc 28/07/2014 For serious misconduct relating to the Special Liquidity Scheme (SLS), the Repo Rate benchmark and the London Interbank Offered Rate (LIBOR).  
£450,000 Ian Charles Hannam 22/07/2014 For engaging in two instances of market abuse by disclosing inside information other than in the proper course of his employment in two emails dated 9 September and 8 October 2008.  
£2,398,100 Credit Suisse International 16/06/2014 For failing to ensure financial promotions for CSI’s Cliquet Product were clear, fair and not misleading.  
£1,429,000 Yorkshire Building Society 16/06/2014 For failing to ensure financial promotions for the Cliquet Product distributed by YBS, were clear, fair and not misleading.  
£26,033,500 Barclays Bank PLC 23/05/2014 For failing to adequately manage conflicts of interest between itself and its customers as well as systems and controls failings, in relation to the Gold Fixing.  
£95,600 Daniel James Plunkett 23/05/2014 For failing to observe proper standards of market conduct and failing to act with integrity by placing orders to seek to influence the Gold Fixing and for failing to act with integrity for being misleading and untruthful to the FCA and the firm.  
£630,000 Martin Brokers (UK) Ltd (Martins) 15/05/2014 For misconduct relating to the London Interbank Offered Rate (LIBOR).  
£18,643,000 Invesco Asset Management Limited Invesco Fund Managers Limited 28/04/2014 For not complying with investment limits which are designed to protect consumers by limiting their exposure to risk.  
£70,000 David Lloyd Wren 31/03/2014 For posing serious risk to consumers and to the confidence in the financial system.  
£7,200 Philip Eley 27/03/2014 For failing to meet the criteria of fitness and propriety by falsifying documents in relation to customers’ policies.  
£12,377,800 Santander plc 26/03/2014 For failing to ensure it gave suitable advice to its customers and ensure that it financial promotions and communications with customers were clear fair and not misleading.  
£662,700 Mark Stevenson 20/03/2014 For deliberately manipulating a UK government bond (gilt) on 10 October 2011.  
£315,000 Besso Limited 19/03/2014 For a failure to take reasonable care to establish and maintain effective systems and controls for countering the risks of bribery and corruption.  
£1,100 City & Provincial 13/03/2014 For deliberately providing false and misleading information in his own mortgage application.    
£4,000,000 Forex Capital Markets Limited (“FXCM Ltd”) & FXCM Securities Limited (“FXCM Securities”) (together “FXCM UK”) 26/02/2014 For allowing the US based FXCM Group to withhold profits worth approximately £6 million ($9,941,970) that should have been passed on to FXCM UK’s clients.  
£30,647,400 HomeServe Membership Limited 12/02/2014 For mis-selling insurance policies, failing to investigate complaints adequately, the Board being insufficiently engaged with compliance, and senior management being reluctant to address customer risks.   
£22,885,000 State Street Bank Europe Ltd; and State Street Global Markets International Ltd 30/01/2014 For developing and executing a deliberate and targeted strategy to charge substantial mark-ups on certain transitions that were deliberately not agreed with clients or disclosed.  
£19,900 Ewan King 30/01/2014 For fabricating two Statements of Professional Standing to give an impression he was appropriately qualified.  
£8,000,000 7722656 Canada Inc formerly trading as Swift Trade Inc 24/01/2014 For engaging in market abuse to create a false or misleading impression in order to achieve profit.  
£7,640,400 Standard Bank PLC 23/01/2014 For failings relating to anti-money laundering policies and procedures for corporate customers connected to politically exposed persons.  

 

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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