Enforcement action

FCA fines round-up

FCA regulatory fines for calendar year 2018 totalled £60.5m (2017 – £229.5m). A review of the enforcement action carried out in 2018 highlights the FCA’s continuing areas of focus as being:
  • Financial crime.
  • Market conduct – the failure to detect and report suspicious transactions.
  • Retail markets – in particular consumer credit, protection of client assets and insurance claims and complaints handling.
FCA regulatory fines for 2019 now total £79.2m. The following fines and related enforcement actions have been announced in the past month:
 

Stewart Owen Ford A fine of £76m and a prohibition for breaches by an executive director of APER 1, APER 4 and FIT related to misselling, failing to be open and co-operative, a lack of fitness and propriety, conflicts of interest, and failing to act on information appropriately in the asset management sector.
Mark John Owen A fine of £3.2m and a prohibition for breaches by an executive director of APER 1, APER 4 and FIT related to a lack of fitness/propriety and failing to act on information appropriately in the asset management sector.

charles.portsmouth@moorestephens.com