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CT Capital hit with regulator fine for PPI failings
Jun06

CT Capital hit with regulator fine for PPI failings

UK regulator Financial Conduct Authority (FCA) has fined CT Capital Ltd (CT Capital) GBP 2,360,900 for serious failings in its historic Payment Protection Insurance (PPI) complaint handling processes. PPI is an ongoing issue in Britain because of alleged fraud perpetrated on citizens and residents by banks and other financial institutions. FCA said that between May 2011 and November 2013, during which time it handled 6,669 PPI...

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Iran n-deal will ease sanctions burden on banks
Aug19

Iran n-deal will ease sanctions burden on banks

The Iran nuclear deal likely will ease pressure on banks to watch out for any potential violations of international sanctions linked to that country, UK law firm Zaiwalla said [19 August 2015]. The plethora of sanctioned entities that banks have to avoid in order not to get punished by regulators has grown over the years. In the year to July 2015 alone, the number of sanctions imposed by the UK rose by 3% from 2,401 to 2,477. Similar...

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Besieged bankers offered legal lifeline
Aug10

Besieged bankers offered legal lifeline

Bankers worried over UK’s toughening stance toward financial offenders are offered a legal lifeline by a London law firm specialising in private prosecution service. The banking community was rocked by the sentencing 3 August 2015 of Tom Hayers, 35, for rigging the London Interbank Offered Rate (Libor). The 14 years in jail handed down to the former UBS and Citigroup yen derivatives trader was seen by some City circles as too...

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New UK rules to embed bankers’ accountability
Jul07

New UK rules to embed bankers’ accountability

The UK Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) today (7 July 2015) published what they said are “the final rules confirming the approach to improving individual accountability in the banking sector.” The final rules cover the Senior Managers Regime; the Certification Regime; and new Conduct Rules. The publication follows joint FCA-PRA final rules on variable remuneration (eg bonuses) in...

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Tribunal asks FCA to reconsider market abuse case
Mar06

Tribunal asks FCA to reconsider market abuse case

The Upper Tribunal (Tribunal) has released its decision in relation to Tariq Carrimjee of Somerset Asset Management LLP (Somerset).  The Tribunal upheld the FCA’s decision to impose a penalty of GBP 89,004 and found that Carrimjee’s failings were serious and that a significant financial penalty was appropriate. The Tribunal’s decision was issued on 6 March 2015 after 3 days of hearing during September 2014.  It remains open to the...

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Bank of Beirut, 2 employees fined by FCA
Mar05

Bank of Beirut, 2 employees fined by FCA

The Bank of Beirut (UK) Ltd (Bank of Beirut) has been fined GBP 2.1 million by the Financial Conduct Authority and stopped from acquiring new customers from high-risk jurisdictions for 126 days, FCA said. In addition, the regulator said it has fined two approved persons at the bank. Bank of Beirut has European operations in London and Frankfurt, as well as other international operations in Cyprus and Australia. The FCA said that Bank...

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