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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Kyle Brasseur2023-10-11T18:57:00
Insolvent credit broker London Capital & Finance (LCF) dodged a “substantial financial penalty” from the U.K. Financial Conduct Authority (FCA) regarding promotions it used to market minibonds to investors.
The FCA censured the firm for its “unfair and misleading” promos, the regulator announced in a press release Wednesday. Because LCF has been in administration since 2019 and its funds are being focused toward restoring bondholder creditors, the FCA opted not to fine the firm.
But the regulator criticized the firm for its “serious failings” that harmed more than 11,000 investors. The FCA said LCF would have owed restitution of about 237 million pounds (U.S. $291 million) had it been ordered to pay.
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News and analysis for the well-informed compliance or audit exec.
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2024-05-07T18:58:00Z By Kyle Brasseur
Big Four firms PwC and EY were each penalized by the Financial Reporting Council for alleged shortcomings during their respective audits at collapsed investment firm London Capital & Finance.
2024-03-28T13:59:00Z By Ruth Prickett
Sexism, sexual assault, and bullying are rife at financial services organizations, according to a recent report by the U.K. Treasury Committee. “The government and financial regulators have important roles to play in driving change,” the committee said.
2024-02-13T19:17:00Z By Jeff Dale
The U.K. Financial Conduct Authority issued a fine of £31,800 (U.S. $40,000) against a former compliance director at London Capital & Finance for allegedly approving misleading promotions that led to investor deception.
2024-07-26T19:18:00Z By Jeff Dale
RTX Corp., the parent company of Raytheon, disclosed in a public filing it has reserved $1.24 billion to resolve legacy legal matters with the Department of Justice, Securities and Exchange Commission, and Department of State.
2024-07-26T15:51:00Z By Aaron Nicodemus
The U.K. Financial Conduct Authority issued a fine of $4.5 million (3.5 million pounds) against a U.K.-based subsidiary of crypto platform Coinbase for providing services to high-risk customers in violation of FCA rules.
2024-07-26T13:36:00Z By Adrianne Appel
Admera Health agreed to pay more than $5.5 million to resolve allegations first brought by two whistleblowers that it paid kickbacks to third-party contractors, the Department of Justice said.
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