FCA fines and enforcement actions in 2023

On 30 November 2023 the Financial Conduct Authority issued an infringement decision finding that Hafiz Bros Travel & Money Transfer Limited breached the Competition Act 1998. The FCA imposed a financial penalty of £11,200 on the firm. The regulator’s non-confidential final notice setting out the decision is published by the FCA.

On 30 November 2023 the Financial Conduct Authority issued an infringement decision fining LCC Trans‑Sending Limited £139,500 for breaching the Competition Act 1998. The FCA’s final notice (infringement decision) sets out the factual findings and the reasons for the penalty; the notice is published at the FCA link provided. The action recorded on the FCA register is an infringement decision (financial penalty) under the Competition Act regime.

On 30 November 2023 the Financial Conduct Authority issued an infringement decision (case CA98.2020.01) fining DOLLAR EAST (INTERNATIONAL TRAVEL & MONEY TRANSFER) LTD £3,600 for breaching the Competition Act 1998. The FCA published a final (non-confidential) infringement decision notice setting out the finding and the penalty. No other consequences (redress, discounts, appeals) are recorded in the register entry provided.

On 13 October 2023 the Financial Conduct Authority fined Equifax Limited £11,164,400 after finding failings linked to outsourcing data processing to an intragroup entity that experienced a data breach. The FCA’s Final Notice records risk‑management failings (breach of PRIN 3 — firms must organise and control their affairs effectively and have adequate risk management) and failures in treating customers fairly and in communicating information clearly after the breach. The FCA imposed the stated financial penalty; the Final Notice is published by the regulator.

On 29 September 2023 the Financial Conduct Authority imposed a £6,470,600 financial penalty on ADM Investor Services International Limited (FRN 148474) under section 206 of the Financial Services and Markets Act 2000. The penalty was for deficient anti‑money‑laundering systems and controls at the firm during the period 30 September 2014 to 31 October 2016. The FCA's Final Notice on the action is published on its website.

The FCA's final notice (published 28 September 2023) found that Andrew John Deeney gave unsuitable advice to clients about transferring defined benefit (DB) pension benefits. The regulator concluded he breached APER 1 (which requires approved persons to act with integrity) and imposed a financial penalty and a prohibition on him. The financial penalty recorded was £397,400 and the prohibition prevents him from performing regulated activities as set out in the notice.

Bastion Capital London Ltd (in liquidation) was fined £2,452,700 by the Financial Conduct Authority for breaches of Principle 2 (firms must conduct business with due skill, care and diligence) and Principle 3 (firms must take reasonable care to organise and control their affairs responsibly and effectively, including adequate risk-management systems). The FCA’s action related to conduct between January 2014 and September 2015 and the penalty was imposed on 12 July 2023. The action is recorded in the FCA’s final notice for the firm.

Paul Steel, an individual adviser, was fined £3,694,400 and prohibited from regulated activity by the FCA. The regulator’s Final Notice (published 4 July 2023) says he breached APER 1, 2 and 4 and COCON 1 and 3 by providing unsuitable advice about transferring defined‑benefit pension rights. The action was taken against Mr Steel personally and included both a financial penalty and a prohibition.

The FCA’s Final Notice (26 June 2023) says Mark Antony Abley gave unsuitable defined‑benefit pension transfer advice and breached APER 2 (the requirement to act with due skill, care and diligence). The regulator imposed a financial penalty of £106,100 and a partial prohibition restricting his regulated activity. The action relates to failings in pensions transfer advice under the APER regime; the Final Notice sets out the FCA’s findings and sanctions.

The FCA issued a Decision Notice on 30 May 2023 proposing to prohibit James Edward Staley from performing any senior management or significant influence function and to impose a fine of £1,812,800. The Decision Notice says Mr Staley breached Individual Conduct Rule 1 (must act with integrity), Individual Conduct Rule 3 (must be open and cooperative with the FCA and other regulators) and Senior Manager Conduct Rule 4 (must disclose appropriately information the FCA would reasonably expect to be told). Mr Staley has referred the Decision Notice to the Upper Tribunal, so the FCA’s findings are provisional and the proposed prohibition and fine have no effect while the Tribunal decides the case.