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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Neil Hodge2023-11-03T13:00:00
The U.K. Financial Conduct Authority’s (FCA) decision to ban the former chief executive officer of Barclays for misrepresenting his relationship with Jeffrey Epstein has seemingly reaffirmed the notion that everyone—even the boss—is accountable for their actions.
The FCA announced last month its intention to fine Staley 1.8 million pounds (then-U.S. $2.2 million) and exclude him from holding a senior management role in the financial services industry. Staley appealed the decision to a tribunal.
Certainly, it’s a bold move. While the regulator has previously disciplined bank CEOs—e.g., Mohammad Ataur Rahman Prodhan of Sonali Bank (UK) last November and Conor Foley of spread-betting firm Worldspreads in 2020—such actions have typically been as a result of professional failings rather than for personal conduct.
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News and analysis for the well-informed compliance or audit exec.
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2024-01-15T14:16:00Z By Neil Hodge
The issue of “fat cat” pay awards was reignited in the United Kingdom after a think tank found a typical FTSE 100 CEO earned the average annual salary for a full-time worker after just four days into the new year.
2023-11-08T14:38:00Z By Kyle Brasseur
Payment service providers could do more to support victims of fraud, including through better communication procedures, a review by the U.K. Financial Conduct Authority found.
2023-10-12T18:26:00Z By Jeff Dale
Former Barclays CEO Jes Staley was fined £1.8 million (U.S. $2.2 million) and banned from serving in a senior management role in the financial services industry by the U.K. Financial Conduct Authority for allegedly misleading the regulator regarding his ties to Jeffrey Epstein.
2024-07-26T19:18:00Z By Jeff Dale
RTX Corp., the parent company of Raytheon, disclosed in a public filing it has reserved $1.24 billion to resolve legacy legal matters with the Department of Justice, Securities and Exchange Commission, and Department of State.
2024-07-26T15:51:00Z By Aaron Nicodemus
The U.K. Financial Conduct Authority issued a fine of $4.5 million (3.5 million pounds) against a U.K.-based subsidiary of crypto platform Coinbase for providing services to high-risk customers in violation of FCA rules.
2024-07-26T13:36:00Z By Adrianne Appel
Admera Health agreed to pay more than $5.5 million to resolve allegations first brought by two whistleblowers that it paid kickbacks to third-party contractors, the Department of Justice said.
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