FCA’s Heavy Fines and Bans Send Shockwaves Through Financial Industry

Tribunal upholds FCA sanctions against Banque Havilland but slashes fine

Luxembourg-based Banque Havilland has failed in its challenge to penalties imposed by Britain’s financial regulator over an alleged scheme linked to weakening Qatar’s currency, although a UK tribunal has sharply reduced the size of the fine. In a judgement handed down Tuesday, London’s Upper Tribunal dismissed the bank’s appeal against findings by the Financial Conduct

FCA’s Heavy Fines and Bans Send Shockwaves Through Financial Industry

The recent decision by the Upper Tribunal to uphold significant fines and bans imposed by the Financial Conduct Authority (FCA) on Rangecourt SA (formerly Banque Havilland), David Rowland, and Vladimir Bolelyy has sent shockwaves through the financial services industry. The case, which involved a deliberate plan to manipulate the Qatari Riyal and harm the economy of Qatar… Source