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
-
ArticleDOJ makes good on corporate-friendly enforcement policy with Balt resolution
The ink was barely dry on the U.S. Department of Justice’s new corporate enforcement policy (CEP) when the agency announced it would not prosecute Balt SAS for alleged bribery violations.
-
ArticleBoA settles class-action related to its dealings with Jeffrey Epstein
Bank of America has agreed to settle a class-action lawsuit alleging know-your-customer and other failings in its dealings with convicted sex offender Jeffrey Epstein.
-
News BriefSEC’s Uyeda: ‘Enforcement is the wrong way’ to handle off-channel communications
The U.S. Securities and Exchange Commission’s Mark Uyeda told an audience of investment advisers that the SEC will no longer prioritize stand-alone enforcement actions for violations of the SEC’s rules on off-channel communications.