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North America | 11 May 17
Barclays fined $97m for overcharging advice clients in US
Barclays has agreed to pay more than $97m (£74.9m, €89.2m) to refund advice and mutual fund sales fees to US clients who were charged for services they did not receive.
Swiss regulator keeps up pressure on UBS in 1MDB investigation
Switzerland’s financial regulator is continuing its money laundering investigation into UBS Group and three other private banks in relation to Malaysian sovereign wealth fund 1MDB.
South Africa’s Lombard Life fined by regulator
The Financial Services Board (FBS) of South Africa has fined Lombard Life for not complying with rules about informing policyholders of their right to appeal after the company rejected their claims.
Tax & Regulation | 1 Feb 17
HMRC fines for ‘careless’ errors up 70% but half are dismissed
HM Revenue & Customs (HMRC) penalties against taxpayers who have made ‘careless’ errors on their tax returns have soared by nearly 70% although half of these are dismissed on appeal, according to latest figures obtained by international tax advisory firm RSM.
North America | 27 Jan 17
Citigroup fined for overcharging 60,000 clients for advice
Citigroup Global Markets has agreed to pay $18.3m (£14.5m, €17.1m) to settle charges in the US that it overcharged around 60,000 clients £18m for advice and misplaced contracts over a 15-year period.