The FCA removed all regulatory permissions from Verus Financial Services Limited and imposed stricter asset restrictions. The enforcement action followed concerns that the firm repeatedly breached existing asset restriction requirements and failed to comply with a Financial Ombudsman Service decision. The firm is now prohibited from conducting any regulated activities and faces enhanced restrictions on asset disposal.
The FCA fined two former Carillion plc finance directors for their role in misleading company statements. Richard Adam was fined £232,800 and Zafar Khan £138,900 for being aware of serious financial troubles in Carillion's UK construction business but failing to reflect this in company announcements or alert the Board and audit committee. The fines were imposed after both individuals withdrew their challenges to the FCA's action.
The FCA secured a confiscation order of £265,523.96 against Andrew Currie, who was convicted in 2023 for defrauding investors through the collapsed peer-to-peer lending platform Collateral (UK) Ltd. Currie diverted funds from Collateral investors for personal gain, including purchasing property in Spain. He was sentenced to 2 years 6 months imprisonment and ordered to pay the confiscation amount at Southwark Crown Court.
The ESAs' Joint Board of Appeal issued a decision on cost reimbursement in the appeal brought by NOVIS Insurance Company and related entities against EIOPA. The ruling addresses financial consequences arising from the enforcement appeal process, determining cost allocation responsibilities between the appellant insurance companies and the regulatory authority.
The AMF Enforcement Committee imposed fines on an asset management company and its directors for violating their professional obligations. The enforcement action targeted breaches of regulatory requirements by both the company and its leadership personnel. Specific fine amounts were not disclosed in the available summary.