BRITAIN’S Financial Conduct Authority (FCA ) has fined Julius Baer International Limited (JBI), an investment advisory and wealth management firm more than £18M. The fine totallin £18,022,500 is “for failing to conduct its business with integrity, failing to take reasonable care to organise and control its affairs and failing to be open and cooperative with…
Compliance, Financial Services, Regulatory, UK
NEWS: Julius Baer International (JBI) fined £18M by Britain’s FCA for ‘failing to conduct business with integrity’
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AUTHORITY: Mark Steward, FCA Executive Director of Enforcement and Market Oversight (pictured) said: 'There were obvious signs that the relationships here were corrupt, which senior individuals saw and ignored. These weaknesses create the circumstances in which financial crime of the most serious kind can flourish. The FCA’s decisions on the individuals whom the FCA alleges were involved in these failures will now be reviewed in the Upper Tribunal.' PHOTO: FCA