Afternoon folks,

2016 has provided more than its fair share

Of surprises.

Does aviva’s top of the charts listing for

The biggest fine imposed in 2016 for financial jiggery-pokery

Add to the surprises ?

Here is what money marketing has published


Wishing you all, I hope, a surprisingly

Good new year.


Philip meadowcroft

The biggest

FCA fines of 2016



Cash 28th december 2016 11:20 am 28th

December 2016 12:18 pm

FCA fines may

Have dropped to their lowest level since the financial

Crisis, but that doesn’t mean the regulator hasn’t levied

Some eye-catching amounts this year.

Among the

Regulator’s 23 fines worth £22.2m, big names in the advice

Market like aviva and towergate took multi-million pound


The sanctions

Range from money laundering failures and mishandling client

Money to payment protection insurance and platform




Breaks down

money laundering nz

The biggest FCA fines in 2016:

5. WH

Ireland limited – £1.2m

The wealth

Manager was hit with a £1.2m fine in february for


To address market abuse issues.

The company’s

Corporate broking division was also prevented from taking on

New clients for 72 days as the FCA found that between

January and june 2013 the firm did not have proper controls

In place to prevent market abuse being detected or


A “skilled

Person” review by the regulator gave WH ireland a timeframe

To rectify issues, but the firm was too slow to act on the


This meant

That it had failed to ensure inside information did not

Leak, had inadequate personal account dealing rules for

Staff, failed to have a conflict of interest policy, and

Allowed inadequate post-trade surveillance systems.

4. CT capital limited – £2.4m

The seemingly

Never-ending tide of payment protection insurance complaints

money laundering nz

Landed CT capital, the parent company of a group of lenders

And loan brokers, in hot water in june.

CT capital

Sold around 31,000 PPI policies between 2005 and 2008,

Receiving £63m in commission as a result, but the FCA found

It had


Treated complaints properly.

The effect on

6,660 PPI complaints between may 2011 and november 2013

Could have been “potentially significant” the regulator

Said, as CT capital took 11 months to make the required

Changes to its processes to keep up with PPI complaint


3. Towergate underwriting group limited – £2.6m


Managed to build up a shortfall of £12.6m in bank accounts

Meant to pay clients and insurers between june 2005 and

December 2013, the FCA said as it

Fined the

Company £2,632,000 in july.


Settled early with the FCA, cutting its fine from £3.7m, but

Had previously failed to tell the regulator about a

Shortfall in client and insurer bank accounts it discovered

money laundering nz

In 2013 and was only repaid two years later.

There was no

Actual loss of client or insurer money, but that didn’t stop

The FCA also fining former towergate client money officer

Timothy philip £60,000 and banning him from having direct

Responsibility for client and insurer money.

2. Sonali

Bank (UK) limited – £3.3m

The FCA fined

The UK arm of the bangladesh-based bank £3,250,600 in

October for


To have adequate anti-money laundering systems

In place over a four-year period.

The bank’s

Former money laundering reporting officer steven smith was

Also fined £17,900, as the regulator said it had flagged

Weakness in the bank’s anti-money laundering systems that

Went unchecked.

To pile on the

Pressure, the FCA also said sonali bank failed to properly

Carry out customer due diligence, identify politically

Exposed persons, and failed in its duty to file suspicious

Activity reports – even while under FCA investigation.Money laundering nz

FCA director

Of enforcement and market oversight mark steward issued a

Scathing comment on the bank’s performance in the FCA’s

Judgement against it, saying there was “no excuse” not to

Follow the “abundance of guidance” on anti-money laundering

From the regulator.

1. Aviva

Pension trustees UK limited and aviva wrap UK limited –


October was a

Busy month for the regulator, as aviva also became the

Unfortunate recipient of the


Ever FCA fine for not having appropriate controls over

Outsourced providers to ensure client assets

Were protected.

At £8,246,800,

It was also the largest fine of the year, as aviva’s adviser

Platform was found to lack the resources and expertise to

Detect or rectify client asset risks.

Though aviva

Outsourced some management and administration services on

The platform, the provider held its hands up in a

Note to

Advisers seen by

Money marketing to admit its fault.Money laundering nz

The note

Reads: “we take responsibility for this matter and have

Worked closely with the FCA to help address the issues that

Were identified.”

Whatever happened to the 1995 ministerial rule, the articles of

Association, and your policy documents which all state that

Policyholders are entitled to AT LEAST 90% of the profits made on

The with-profits fund, including the inherited estate?

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