CUBE RegNews:
September 4th
FCA fines two for flawed advice
The Financial Conduct Authority has fined two individuals, Toni Fox and David Price, for their part in providing flawed advice to pension clients whilst receiving substantial sums in fees and commissions.
The decision notices state that both individuals failed to comply with Statement of Principle 1 during the relevant period in that both failed to act with integrity in carrying out CF1 (Director) functions. Ms Fox also failed in carrying out her CF10 (Compliance Oversight) controlled functions at CFP
In both cases the fines would have been higher but for the financial hardship that would have arisen.
To date, in 2023, the FCA has only issued six financial penalties excluding these two, both referred to the Upper Tribunal, which will confirm the final actions.
PRA publishes August summary
The Prudential Regulatory Authority has published its August Regulatory Digest summarizing its activity during the month.
The digest includes the following content:
- Firm feedback survey 2023.
- Changes to reporting requirements for dual regulated firms.
- Version 3.6.0 Bank of England Banking XBRL taxonomy.
CUBE RegNews:
A selected summary of key developments for regulated financial institutions
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