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.
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.
2025-10-29T20:04:00Z By Oscar Gonzalez
The Consumer Financial Protection Bureau shut down a registry of non-bank financial firms that broke consumer laws. The agency cites the costs being ”not justified by the speculative and unquantified benefits to consumers.”
2025-10-28T21:11:00Z By Adrianne Appel
Senate Democrats warned OMB Director Russell Vought Tuesday that it would be illegal for the Trump administration to shut down the Consumer Financial Protection Bureau, citing a recent court decision barring actions that could severely harm the agency.
2025-10-23T20:36:00Z By Jaclyn Jaeger
It has been nearly six months now since the Department of Justice’s (DOJ) Criminal Division released its memorandum on the selection of compliance monitors. This article provides a critical analysis of the monitorships that received early terminations, those that remain in place, and the broader compliance lessons they impart.
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