FCA fines and enforcement actions in 2018
2 enforcement actions against 1 firm and 1 individual took effect in 2018, with fines totalling £321,200. Each one links to a plain-English summary and, where one exists, the published notice or announcement.
- FineJames Edward Staley · £321,200 fine11 May 2018 · IRN JXS02208
On 11 May 2018 the Financial Conduct Authority imposed a £321,200 penalty on Mr James Edward Staley for breaching Individual Conduct Rule 2 (the duty to act with due skill, care and diligence). The FCA found Mr Staley failed to act with due skill, care and diligence in the way he responded to an anonymous letter received by Barclays in June 2016. The action was taken against Mr Staley personally; the Final Notice on the FCA website sets out the regulator’s reasons. The Final Notice does not record any settlement discount, customer redress, or an appeal in relation to this penalty.
Summarised from notice and press - Permission variation or cancellationRichard Adams18 Jan 2018 · FRN 667452
The FCA cancelled Richard Adams’s authorisation and withdrew his permission to carry on regulated activities; the action took effect on 10 January 2018 and is recorded on the FCA register (entry dated 2018-01-18). The regulator’s Final Notice says the reason for the cancellation was that Mr Adams repeatedly failed to pay FCA fees and levies despite repeated requests. As a result he is no longer an authorised person under the Financial Services and Markets Act 2000 and may not carry on regulated activities in the UK.
Summarised from notice and press
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