Financial

Regulator TheFCA published the final notice it has issued to Guaranty Trust Bank (UK) Ltd (GT Bank), fining it £7.6 million for failures in its anti-money laundering (AML) systems and controls

https://www.fca.org.uk/publication/final-notices/guaranty-trust-bank-uk-limited-2023.pdf

A man has been sentenced to three years and four months in prison after defrauding clients out of £1mn.

https://www.ftadviser.com/investments/2023/01/06/fraudster-jailed-for-three-years-over-ponzi-scheme/

With Christmas fast approaching, the FCA launches its latest ScamSmart campaign aimed at giving consumers the knowledge and tools to avoid loan fee fraud.

https://mondovisione.com/media-and-resources/news/uk-financial-conduct-authority-festive-shoppers-at-rising-risk-of-loan-fee-scam/

The Financial Services Compensation Scheme has declared an advice firm in default, months after one of its directors was jailed for fraud.

https://www.ftadviser.com/investments/2022/12/14/firm-in-default-after-adviser-jailed-for-1-6mn-ponzi-scheme/

A couple from Anglesey have been sentenced for their involvement in a multi-million-pound fraud of investors, which helped him and his wife lead a "lavish" lifestyle.

https://www.itv.com/news/wales/2022-12-16/anglesey-couple-sentenced-over-fraud-which-funded-lavish-lifestyle

A former Premier League footballer who used the names of stars including Rio Ferdinand to entice investors is facing jail after he was found guilty of an £8 million trading scam.

https://uk.style.yahoo.com/ex-charlton-athletic-footballer-richard-163109270.html?soc_src=social-sh&soc_trk=tw&tsrc=twtr

Three fund managers have been convicted of a large-scale fraud which resulted in losses of $8.45 million to the Libyan Sovereign Wealth Fund.

https://nationalcrimeagency.gov.uk/news/city-fund-managers-convicted-in-a-46m-fraud

In April, the FCA set out a new three-year strategy designed to improve outcomes for consumers and markets.

https://www.fca.org.uk/news/press-releases/highlights-fcas-approach-2022

The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) have fined TSB Bank plc (“TSB”) a total of £48,650,000 for operational risk management and governance failures, including management of outsourcing risks, relating to the bank’s IT upgrade programme. Technical failures in TSB’s IT system ultimately resulted in customers being unable to access banking services.

https://www.fca.org.uk/news/press-releases/tsb-fined-48m-operational-resilience-failings

A couple from Anglesey have been sentenced for their involvement in a multi-million-pound fraud of investors, which helped him and his wife lead a "lavish" lifestyle.

https://www.itv.com/news/wales/2022-12-16/anglesey-couple-sentenced-over-fraud-which-funded-lavish-lifestyle