Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

FCA warns more fines are on their way

5 Comments
FCA warns more fines are on their way

The Financial Conduct Authority (FCA) has warned the banking sector to prepare for further fines.

According to the Financial Times, FCA chief Martin Wheatley (pictured) said he found the banking sector's ability to 'constantly surprise with bad conduct' alarming, pointing to the recent news that banks have sent out letters that appear to be from lawyers or bailiffs to get clients to pay off debts, when they are actually from the banks themselves. Six years after the banking crisis, he said it is disappointing that banks still have such conduct issues. 

He warned banks should prepare for large fines. Wheatley added the FCA is aiming to complete investigations into allegations of foreign exchange manipulation by 2015. He said investigations into Libor-rigging were also progressing.

The chief also noted the FCA has entered into discussions with banks that operate 'dark pools' used by high-frequency traders, after Barclays faced allegations from the New York Attorney General that it  misrepresented benefits to big institutional clients, including pension funds.  


Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Taxicab Tenner: AXA IM's Nicolas Trindade

Taxicab Tenner: AXA IM's Nicolas Trindade

After a summer break, it is the turn of AXA Investment Manager's Nicolas Trindade to give a £10 view of how fixed income is faring.

Play Wealth Manager Olympics: the Relay

Wealth Manager Olympics: the Relay

In the final round of the Wealth Manager Olympics, our intrepid athletes team up for the relay.

Play Wealth Manager Olympics: the Shot Put

Wealth Manager Olympics: the Shot Put

After busting a gut in the 100m sprint, our wealth manager Olympians displayed their brute strength in the shot-put.

Read More
Your Business: Cover Star Club

Profile: gearing up for the shift from consolidation to start-ups

Profile: gearing up for the shift from consolidation to start-ups

‘I think the industry is evolving rapidly, but not necessarily as a whole,’ says the head of recently launched Charles Nicholson AM

Wealth Manager on Twitter