Stay updated with breaking news from Final Notices. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
It feels like the SMCR may be curtailed before it has had the opportunity to take effect, partly because it takes so long for enforcement investigations to conclude and because there seems to be a reluctance to take the relevant individuals to task.
<p><span>The PRA and FCA (together, the 'Authorities') joint investigations into certain former senior managers at HBOS plc have now concluded with a decision by each of the Authorities’ independent decision-makers to take no further action. The investigations, which began in 2016, were in response to Andrew Green QC’s November 2015 report into the reasonableness of the scope of the FSA’s enforcement investigations in relation to the failure of HBOS (the 'Green Report'). </span></p>
The Financial Conduct Authority has issued the final notices for GAM International Management and the former investment directory Timothy Haywood
<p><span>The Financial Conduct Authority (FCA) has fined GAM International Management Limited £9.1m and Timothy Haywood £230,037 for conflicts of interest and gifts & entertainment matters.</span></p>
Timothy Haywood, the former head of GAM's absolute return bond fund unit, who was sacked in 2019 for alleged gross misconduct, has been fined £230,037 by the FCA.