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Enforcement Watch
Issue 16

Enforcement case highlights

  • 24 February 2015: Aviva Investors fined £17.6m for issues relating to conflicts of interest - read more
  • 5 March 2015: Bank of Beirut failings lead to punishments for the Bank and individuals - read more
  • 6 March 2015: Tribunal breaks new ground in Carrimjee case - read more
  • 17 March 2015: FCA bans former Rabobank trader following LIBOR fraud conviction - read more
  • 15 April 2015: Substantial CASS Fine for Bank of New York Mellon - read more
  • 23 April 2015: Deutsche Bank Libor/Euribor settlement includes substantial Principle 11 fine - read more
  • 19 May 2015: Court of Appeal determines identification issue - read more

On the horizon

  • FCA publishes its Business Plan - read more
  • Further steps towards the new senior management regime - read more
  • Martin Wheatley's views on how the new SMR will work - read more
  • Trends from Suspicious Transaction Reports - read more
  • Indications from the FCA Board's discussion of the Quarterly Performance Report - read more

Editor's Note

This edition of Enforcement Watch looks both at the messages of the enforcement cases in the last few months and at what changes on the horizon are likely to mean for firms and individuals in the shape of future enforcement.

Aviva Investors fined £17.6m for issues relating to conflicts of interest

The FCA has imposed a financial penalty of £17.6m on Aviva Investors Global Services Limited for systems and controls failings which led to a failure to manage conflicts of interests fairly.

Bank of Beirut failings lead to punishments for the Bank and individuals

The FCA has fined Bank of Beirut (UK) Ltd £2.1m and placed a restriction on it that prevents it from acquiring new customers from "high-risk jurisdictions"...

Tribunal breaks new ground in Carrimjee case

When Tariq Carrimjee was previously the subject of a Decision Notice, he referred the matter to the Upper Tribunal...

FCA bans former Rabobank trader following LIBOR fraud conviction

Following a criminal conviction for LIBOR related fraud in the United States, the FCA has banned a former trader at Rabobank from the UK financial services industry...

Substantial CASS Fine for Bank of New York Mellon

The FCA has fined The Bank of New York Mellon London Branch (BNYMLB) and The Bank of New York Mellon International Limited (BNYMIL) £126 million for breaches of Principle 10 (Client assets) and for failure to comply with the FCA Client Assets Sourcebook (CASS).

Deutsche Bank Libor/Euribor settlement includes substantial Principle 11 fine

The FCA fined Deutsche Bank AG...

Court of Appeal determines identification issue

We reported in Enforcement Watch 13 on the Upper Tribunal judgment in April 2014 on when a third party was identified in a relevant Notice and had consequent third party rights in relation to it...

FCA publishes its Business Plan

In March, the FCA published its Business Plan, this year also including its Risk Outlook. Whilst the Business Plan contains a great deal of information, we have picked out some of the details most likely to be of interest to enforcement watchers.

Further steps towards the new senior management regime

Regular readers of Enforcement Watch will know that we have been tracking the proposals for reforming the responsibilities of individuals in banks and investment firms.

Martin Wheatley's views on how the new SMR will work

In a speech delivered in mid-March, Martin Wheatley (the Chief Executive of the FCA) discussed some of the key aspects of the pending reform to the regime for individual accountability...

Trends from Suspicious Transaction Reports

Suspicious Transaction Reporting has been a consistent feature of recent FSA/FCA annual business plans.

Indications from the FCA Board's discussion of the Quarterly Performance Report

FCA published the minutes of the FCA Board meeting...