Enforcement Watch Roundup

The FCA has imposed sweeping restrictions on a wealth firm after a directors’ divorce led to questionable client investment decisions and governance failures.

On 3 February, the Upper Tribunal (the Tribunal) handed down its judgment in the appeal by Rangecourt SA (formerly Banque Havilland SA) (the Bank) and two of its former employees, Mr Rowland and Mr Bolelyy against the Decision Notices issued against them by the FCA's Regulatory Decisions Committee.

The FCA has launched legal proceedings against crypto exchange HTX for promoting services to UK consumers without complying with financial promotion rules.

The former chief executive of Carillion plc, Richard Howson, has been fined £237,000 for his role in misleading statements being issued by Carillion and being knowingly concerned in breaches of Market Abuse Regulations and the Listing Rules by the company. This decision comes more than eight years after Carillion entered compulsory liquidation and further to Mr Howson's decision to withdraw his challenge to the FCA's findings.

On 3 March, the Financial Conduct Authority issued John Wood Group PLC ("Wood Group") with a Final Notice imposing a financial penalty of £12,993,700 for publishing inaccurate information in its financial results for FY22, FY23 and HY24. Wood Group agreed to resolve the matter and qualified for a 30% Stage 1 settlement discount; were it not for this discount, the penalty would have been £18,562,500.

On 12 December, the Prudential Regulation Authority (PRA) imposed a financial penalty of £10.6m on UKI Limited in connection with a miscalculation of its Solvency II balance sheet during 2023 and 2024. The miscalculation resulted in UKI Limited overstating its solvency to the PRA and to the market.

On 13 March, the Financial Conduct Authority issued a Final Notice, imposing a prohibition on Kasim Garipoglu, as a result of misconduct (in respect of the underlying conduct, and his subsequent engagement with the FCA) between April 2012 and December 2022. The Final Notice followed a reference by Mr Garipoglu to the Upper Tribunal and an appeal to the Court of Appeal, both of which were struck out. However, the FCA was not able to fine Mr Garipoglu due to the period that has elapsed since he was an approved person.

On 24 March, the Prudential Regulation Authority, announced that it had imposed a £2million fine on the fintech, Bank of London, and its parent company, Oplyse Holdings, for a number of failings, including failing to conduct its business with integrity.

On 1 April, the Supreme Court unanimously allowed the appeal in Kession Capital Ltd (in Liquidation) v KVB Consultants Ltd [2026] UKSC 11, overturning the Court of Appeal majority. The decision clarifies the scope of a principal firm's responsibility under section 39 of the Financial Services and Markets Act 2000 when its appointed representative acts outside the terms of its appointment.