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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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Consumers struggling to understand structured products: FCA
Mar05

Consumers struggling to understand structured products: FCA

Consumers are struggling to understand structured products which calls for improvements from firms marketing or selling those products, the UK Financial Conduct Authority said. A behavioural economics research paper published by the FCA today (5 March 2015) has found that “many consumers overestimate the expected returns on structured deposits,” FCA said. Consumers were asked to anticipate how the FTSE 100 would grow over...

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FCA and PPI: Is enough being done to make amends?
Jan30

FCA and PPI: Is enough being done to make amends?

The Financial Conduct Authority in the UK says it will gather evidence on how the PPI complaints process is working. The FCA decision has significant implications for all bank customers who were talked into entering payment protection schemes, including numerous former business professionals, students and other individuals and families from the Middle East and North Africa region (part of The Middle East in Europe readership), many of...

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More fines on Barclays: GBP38m for putting GBP16.5b of client assets at risk
Sep23

More fines on Barclays: GBP38m for putting GBP16.5b of client assets at risk

Barclays Bank Plc has been fined (23 September 2014) GBP 37,745,000 by the UK Financial Conduct Authority for failing to properly protect clients’ custody assets worth GBP 16.5 billion. As a result, FCA said, “clients risked incurring extra costs, lengthy delays or losing their assets if Barclays had become insolvent.” This is the highest fine ever imposed by the FCA or its predecessor the FSA for client assets breaches,...

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