The Financial Conduct Authority (FCA) has fined Barclays Bank UK Plc and Barclays Bank Plc a total of £42m for what it described as separate failings in their financial crime risk management. One case concerns Barclays Bank UK Plc’s handling of a client money account for WealthTek, and the other relates to Barclays Bank Plc’s provision of banking services to Stunt & Co. The FCA stated that in both instances, Barclays did not obtain sufficient information or conduct appropriate monitoring. It also noted that Barclays Bank UK Plc will make a voluntary payment of £6.3m to WealthTek clients who experienced a shortfall. The total penalties were reduced from £60.6m following early settlement and cooperation.

The Financial Conduct Authority (FCA) has fined Dipesh Kerai and Bhavesh Hirani for insider dealing in shares of Bidstack Group Plc. Kerai has been fined £52,731, and Hirani has been fined £56,000. Both individuals’ conduct breached Article 14 of the UK Market Abuse Regulation relating to insider dealing and unlawful disclosure of inside information.

The Financial Conduct Authority (FCA) has fined ED&F Man Capital Markets Ltd (‘MCM’) for breaches of Principles 2 and 3 of the FCA’s Principles for Business relating to MCM’s ‘serious failings’ in its oversight of cum-ex trading. The FCA states that this is its fourth case in relation to cum-ex trading and the largest fine ‘so far’, adding that there are a number of ongoing investigations into UK brokers for similar failings. The FCA imposed a financial penalty of £17,219,300; MCM qualified for a 30% discount under the FCA’s Settlement Discount Scheme. The FCA has updated its webpage of 2023 fines with the action against MCM.

The Financial Conduct Authority (FCA) has fined HSBC UK Bank plc, HSBC Bank plc and Marks and Spencer Financial Services plc (together HSBC) £6,280,100 for failures in its treatment of customers who were in arrears or experiencing financial difficulty in relation to secured retail mortgages, unsecured loans, credit cards and overdrafts, along with current and savings accounts.

The Financial Conduct Authority (FCA) has fined John Wood Group PLC (Wood Group) £12,993,700 for publishing inaccurate information in its financial results. The FCA found that, following the poor performance of certain projects, Wood Group’s accounting judgements were inappropriately influenced by its desire to maintain previously stated financial results, and it did not have adequate systems, controls or procedures to prevent this from happening. Wood Group agreed to resolve the case at an early stage and qualified for a 30% discount on the penalty imposed. Without this discount, the FCA would have imposed a financial penalty of £18,562,500.

The Financial Conduct Authority (FCA) has fined Mr Kristo Käärmann, the CEO of Wise plc and senior manager of Wise Assets UK Ltd, £350,000 for breaching a senior manager conduct rule.

The Financial Conduct Authority (FCA) has fined the London Metal Exchange Ltd (LME) £9.2m for systems and controls failures during extreme nickel market volatility in March 2022. The fine, reduced from £13.2m following early settlement, represents the FCA's first enforcement action against a UK Recognised Investment Exchange (RIE).

The Financial Conduct Authority (FCA) has imposed a £13,031,400 fine on the London branch of Macquarie Bank Limited (MBL) for breaching Principle 3 of the FCA's Principles for Businesses (risk management systems). The penalty stems from weaknesses in MBL's systems and controls that allowed a MBL  trader, Travis Klein, to record and conceal over 400 fictitious trades over a period of twenty months, ultimately costing MBL $57.8m to unwind. The FCA has also banned Klein from the financial services industry for acting dishonestly and without integrity, breaching Individual Conduct Rule 1 (ICR 1).

The Financial Conduct Authority (FCA) has fined Monzo Bank Ltd £21,091,300 for breaching Principle 3 of its Principles for Businesses and for failing to comply with a Voluntary Requirement (VREQ) imposed in August 2020. The FCA found that between October 2018 and June 2022, Monzo failed to maintain adequate systems and controls to manage the risk of financial crime. Despite restrictions under the VREQ, Monzo opened 33,039 accounts in breach of the requirement, including 26,325 for high-risk individuals. A further 34,262 high-risk customers were onboarded due to failures in applying or monitoring the VREQ controls. The FCA issued a Final Notice imposing a financial penalty, initially set at £30,130,475, the fine was reduced after Monzo qualified for a 30% discount by settling the matter at an early stage. This marks the tenth fine the FCA has imposed on a bank for financial crime control failings in the past four years.  The FCA reiterates that ensuring retail banks have robust financial crime controls in place is a key priority for the FCA.

The Financial Conduct Authority (FCA) has fined Nationwide Building Society £44m for inadequate anti-financial crime systems and controls between October 2016 and July 2021. The FCA found that during this period, Nationwide had ineffective systems for keeping up-to-date due diligence and risk assessments for all its personal current account customers and for monitoring their transactions. Nationwide was also aware that some of those customers were using their personal accounts for business activity, in breach of its terms. Nationwide would have been fined £62,969,297, but it agreed to resolve these matters and so qualified for a 30% discount under the FCA's processes. The total fine is £44,078,500.

The Financial Conduct Authority (FCA) has fined PricewaterhouseCoopers LLP (PwC) £15m for failing to report to the regulator its belief that London Capital & Finance plc (LCF) might be involved in fraudulent activity. This is the first time the FCA has fined an audit firm. The FCA says this notice is the final outcome in connection to failures relating to LCF.

The Financial Conduct Authority (FCA) has fined Sigma Broking Limited (Sigma) £1,087,300 for breaching Article 26 of the UK Markets in Financial Instruments Regulation (MiFIR) and Principle 3 of the FCA's Principles for Businesses.