- 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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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.
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.
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.
An alleged software mastermind of the notorious LockBit ransomware group will soon be extradited to the United States to stand trial on charges that his criminal enterprise extorted at least half a billion dollars from victims worldwide, including U.S. businesses and hospitals, the Department of Justice (DOJ), said.
Purported “testimonial and review” service Rytr agreed to stop selling its program that used artificial intelligence to create fake content as part of a consent order with the Federal Trade Commission.
Bank of America avoided a monetary penalty in agreeing to settle charges with the Treasury Department’s Office of the Comptroller of the Currency but was ordered to shore up previously disclosed deficiencies in its Bank Secrecy Act/anti-money laundering (BSA/AML) and sanctions compliance programs.
