FCA fines, bans ex-London Capital & Finance compliance head over promos
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.
THIS IS MEMBERS-ONLY CONTENT
You are not logged in and do not have access to members-only content.
If you are already a registered user or a member, SIGN IN now.
Related articles
-
News BriefFRC fines PwC, EY for London Capital & Finance audit failings
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.
-
News BriefLloyds discloses FCA probe into AML controls
Lloyds is the latest U.K. financial institution being probed by the Financial Conduct Authority regarding its anti-money laundering control framework.
-
PremiumFCA sets out data ambitions, challenges firms to keep pace
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.
More from Regulatory Enforcement
-
ArticleFrench investigators target anticompetitive practices in largest accounting firms
Major accountancy firms in France are under investigation for anti-competitive practices. The French competition watchdog embarked on a series of “unannounced inspections” and removed documents relating to audit and reporting on Jan. 13.
-
ArticleEU investigation into Grok may expose problems with DSA rather than compliance failings
The European Commission has launched a formal investigation against Elon Musk’s X under the Digital Services Act over fears that its AI tool Grok may be producing and disseminating illegal material.
-
ArticleFormer ADM execs inflated operating profits, SEC alleges
Three former executives at Archer-Daniels-Midland intentionally misled investors by inflating the performance of the company’s Nutrition unit, the U.S. Securities and Exchange Commission has alleged.