- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Adrianne Appel2024-10-15T19:28:00
TSB Bank has been fined 10.9 million pounds (U.S. $14,2 million) for treating retail customers poorly while they were in arrears on mortgages, credit cards, loans and overdraft accounts, the Financial Conduct Authority (FCA) said.
TSB also failed to have adequate controls in place to ensure customers facing financial hardship were treated fairly, the FCA said.
TSB’s repayment plans between June 2014 and March 2020, for customers under water on its loans and other borrowing programs were unrealistic and risked being unaffordable. The proposed fees for these customers, about 232,849 people, were inappropriate, the FCA said.
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The U.K.’s Financial Conduct Authority fined Starling Bank, Britain’s first digital bank, nearly 29 million pounds (U.S. $38.5 million) for repeated failures related to onboarding high-risk customers.
PricewaterhouseCoopers agreed to pay 15 million pounds (U.S. $19.5 million) for failing to report suspicions of fraud taking place at investment firm London Capital & Finance before it collapsed, the Financial Conduct Authority announced.
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.
A company culture geared to “win business at any cost” encouraged employees of New York-based aerospace manufacturer Moog to pay bribes in India to win contracts, the Securities and Exchange Commission alleged.
Generic drug giant Teva Pharmaceuticals has agreed to pay $450 million to settle two cases brought by the Department of Justice (DOJ), including one alleging that co-pays it made on behalf of Medicare patients constituted illegal kickbacks, and a second action for alleged generic drug price fixing.
The Securities and Exchange Commission ordered the owner of Rimar Capital and a board member of its holding company to pay nearly $524,000 in penalties for defrauding investors with false and misleading statements about its use of artificial intelligence.
