The U.K. Financial Conduct Authority (FCA) announced Wednesday its intention to fine hedge fund BlueCrest Capital Management £40,806,700 (U.S. $55.5 million) for failing to manage fairly a conflict of interest.

The FCA added it intends to require BlueCrest to pay redress to clients who have suffered loss because of its alleged actions.

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Jaclyn Jaeger is a freelance contributor to Compliance Week after working for the company for 15 years. She writes on a wide variety of topics, including ethics and compliance, risk management, legal,...