A domestic repair insurance firm was find £30.6m for “serious, systemic and long-running failings” by the Financial Conduct Authority. The company has already paid £12.9m to customers affected, with the total expected to rise to £16.8m. According to the Financial Conduct Authority the firm’s culture, controls and remuneration structures meant that staff were focused on quantity not quality and there were customers that paid the price for that. (February 2014).
The Financial Conduct Authority fined a bank £7,640,400 for failings relating to its anti-money laundering policies and procedures regarding corporate customers connected to politically exposed people. This is the first such case that the authority, or its predecessor the Financial Services Authority, has brought relating to commercial banking activity. (January 2014)