Compliance Monitor

The FCA and PRA have diverged from their usual calculation formula in their £49 million total fine on TSB for its operational failures in the run-up to its 2018 IT upgrade programme.

Senior management have been blamed by the FCA for AML systems and controls failures at Guaranty Trust Bank (UK) Limited, which has just been penalised £7.6 million.

A Birmingham-based bank has been fined just over £4 million after it accepted more than 1,100 'in person' cash deposits of more than £10,000 without instituting working AML controls.

A former analyst at asset manager Janus Henderson and four other individuals are to appear in Southwark Crown Court in February facing FCA conspiracy proceedings on trading in 49 different companies.

Over 600 firms are to be required to take part in an FCA survey that will measure their preparedness for the new Consumer Duty, which starts on 31 July.These will mainly be small and medium-sized retail organisations. The largest 60 have already been subject to a review oftheir implementation plans.