If you follow regulatory news, you will understand the FCA releases news of final notices and fines issued on firms and individuals that have breached its rules.
What is an FCA Final Notice?
The FCA uses a wide range of enforcement powers – criminal, civil and regulatory – to protect consumers and act against firms and individuals that don’t meet its standards.
This enforcement involves a multitude of ways to target a firm/ and or individual(s) and this includes a final notice. When the FCA has decided to take action against a firm or individual it will issue a Final Notice.
Some recent examples:
GAM International- fined £9,103,523 due to breaches of PRIN 2 and 8 related to the management of conflicts of interest
Barclays Bank- fined £783,800 due to breaches of PRIN 2 related to financial crime
Simon John Varley- fined £68,300 due to breaches relating to APER 1 and FIT relating to a lack of honesty and integrity