By Jeff Dale2024-02-13T19:17:00
The U.K. Financial Conduct Authority (FCA) issued a fine of 31,800 pounds (U.S. $40,000) against a former director at London Capital & Finance (LCF) for allegedly approving misleading promotions that led to investor deception.
Floris Jakobus Huisamen, who oversaw risk and compliance at the now-insolvent credit broker, will also be banned from serving in the financial services industry, the FCA announced in a press release Tuesday.
Huisamen received a 30 percent discount for agreeing to settle the case, the regulator noted. In October, LCF was censured by the FCA over the misleading promotions it used to market minibonds to investors. Huisamen allegedly approved the promotions.
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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.
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Lloyds is the latest U.K. financial institution being probed by the Financial Conduct Authority regarding its anti-money laundering control framework.
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Experts expect improvements in the U.K. Financial Conduct Authority’s use of data and reporting means a heightened obligation for timely compliance by companies subject to its remit.
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The Federal Trade Commission filed a complaint against LA Fitness’ parent companies, citing difficulties canceling memberships, a month after a court blocked the agency’s click-to-cancel rule.
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CVS’s Caremark division knowingly overcharged Medicare for prescription drugs and must pay nearly $290 million, a Pennsylvania federal judge has ordered.
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The owner of a water machine vending company and a portfolio manager were allegedly behind a Ponzi-like scheme that raised more than $275 million, according to the U.S. Securities and Exchange Commission.
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