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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Jeff Dale2024-03-12T19:10:00
The U.K. Financial Conduct Authority (FCA) fined a financial advice firm nearly 900,000 pounds (U.S. $1.1 million) regarding alleged failures in advice and oversight provided to customers who were primarily members of the British Steel Pension Scheme (BSPS).
Inspirational Financial Management (IFM) “poorly advised people to transfer out of defined benefit pension schemes,” the FCA announced in a press release Monday.
Arthur Cobill, an adviser at IFM, and William Hofstetter, one of its directors, agreed to pay £120,000 (U.S. $153,000) and £40,000 (U.S. $51,000), respectively, to contribute to IFM customer compensation and be banned from advising customers on pension transfers and opt outs. With IFM under administration, preference will be given to creditors to maximize funds available for redress, the FCA added.
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News and analysis for the well-informed compliance or audit exec. Select an option and click continue.
Annual Membership $499 Value offer
Full price one year membership with auto-renewal.
Membership $599
One-year only, no auto-renewal.
2024-05-23T15:55:00Z By Aaron Nicodemus
The U.K. Financial Conduct Authority fined HSBC nearly £6.3 million (U.S. $8 million) for failing to properly consider the financial position of customers who missed payments.
2024-05-22T18:30:00Z By Aaron Nicodemus
The Financial Conduct Authority and Prudential Regulation Authority combined to fine a London-based Citigroup subsidiary approximately £61.7 million (U.S. $78.6 million) for control failures related to its trading system.
2024-03-05T20:55:00Z By Kyle Brasseur
The U.K. Financial Conduct Authority warned the chief executive officers of approximately 1,000 financial institutions it supervises regarding common failures in anti-money laundering procedures it observed during recent assessments.
2024-10-22T21:18:00Z By Adrianne Appel
Precision Toxicology has agreed to pay $27 million to settle allegations first brought by whistleblowers in three cases, that the company billed the federal government for unnecessary drug tests and paid kickbacks to doctors, the Department of Justice (DOJ) said.
2024-10-22T16:08:00Z By Aaron Nicodemus
Fund management company WisdomTree will pay $4 million to settle allegations by the Securities and Exchange Commission that it improperly invested in fossil fuel and tobacco companies in environmental, social and governance (ESG) funds despite promising to avoid them.
2024-10-18T18:10:00Z By Adrianne Appel
A Vietnamese alcohol company has agreed to pay $860,000 to settle allegations by the Office of Foreign Assets Control (OFAC) that its business with North Korea involved U.S. financial institutions.
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