2013 fines

This table contains information about fines published during the calendar year ended December 2013. The total amount of fines is £474,163,738.

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

Policy Administration Services Limited

01/07/2013

£2,834,700

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

Gurpreet Singh Chadda

19/06/2013

£945,277

For deliberately misleading vulnerable customers for personal gain.

Sesame Limited

05/06/2013

£6,031,200

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

Christopher John Riches

05/06/2013

£63,000

For conducting regulated activities despite being subject to a requirement.

Xcap Securities Plc

31/05/2013

£120,900

For client asset failings.

J.P. Morgan International Bank Limited

10/05/2013

£3,076,200

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

Douglas Jones 29/04/2013 £13,300 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.
EFG Private Bank 28/03/2013 £4,200,000 For failing to take reasonable care to establish and maintain effective anti-money laundering (AML) controls for high risk customers.
Care Asset Management Limited 27/03/13 £56,000 For breach of rules in relation to its sale of products provided by keydata.
The Prudential Assurance Company Limited 27/03/13 £16,000,000 For failing to deal with the FSA in an open and cooperative manner.
Prudential plc 27/03/13 £14,000,000 For Listing Rules breaches.
Lamprell plc 18/03/13 £2,428,300 For Listing Rules breaches.
Lloyds TSB Bank Plc, Lloyds TSB Scotland Plc, and Bank of Scotland plc 15/02/13 £4,315,000 For delayed PPI redress payments.
Nestor Healthcare Group Limited 14/02/13 £175,000 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.

UBS AG

08/02/13

£9,450,000

For failings in its sale of an AIG fund.

The Royal Bank of Scotland plc

06/02/13

£87,500,000

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

Stefan Chaligne

24/01/2013

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

For market abuse (market manipulation).

Patrick Sejean

24/01/2013

£650,000

For market abuse (market manipulation).

Harbinder Panesar

15/01/2013

£212,237

For misappropriating money from his business and selling worthless policies.

 

Thomas Reeh

07/01/2013

£10,000

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

Christopher Ollerenshaw

07/01/2013

£50,000

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

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