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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More than 50 people and 50 ships connected to a top Iranian official were added to the U.S. Treasury’s sanctions list on Wednesday, according to the Office of Foreign Assets Control.
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Kentucky took aim at Chinese company Temu, alleging in a lawsuit that it counterfeited popular Kentucky-designed merchandise and violated customers’ privacy.
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The Department of Labor is using poultry processing company Mar-Jac Poultry as an example of what will happen when companies repeatedly employ underage workers in hazardous conditions. Hint: Companies can’t pin the blame on staffing agencies.
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