The Financial Conduct Authority (FCA) has censured London Capital & Finance (LCF) for its unfair and misleading financial promotions of minibonds. The FCA does not consider it appropriate to impose a financial penalty on the firm as it is insolvent and in administration. To do so would only divert funds that the administrators may use
The FCA has banned Simon Hughes of S&M Hughes Limited (in liquidation) from advising customers on pension transfers and pension opt outs, and from holding any senior management function in a regulated firm. Mr Hughes will also pay £158,600 to the Financial Services Compensation Scheme (FSCS) to contribute to redress due to his customers, most
ADM Investor Services International Limited (ADMISI), a broker, has been fined £6,470,600 for inadequate anti-money laundering (AML) systems and controls. The nature of ADMISI’s business and client base presented potentially high levels of money laundering risk because of its business model, the geographical location of its customers, the proportion of its business involving high-risk clients
The FCA has confirmed new measures to support leaseholders in the multi-occupancy buildings insurance market. From the new year, insurance firms will be forced to act in leaseholders’ best interests, treat leaseholders as customers when designing products and will be banned from recommending an insurance policy based on commission or remuneration levels. Insurers will also
Mr Reynolds has referred his Decision Notice to the Upper Tribunal where he will present his case. Any findings in his Decision Notice are therefore provisional and reflect the FCA’s view as to what occurred and how it considers his behaviour should be characterised. The FCA has decided to fine Mr Reynolds of Active Wealth
