WH Ireland received inside information 'on regular basis', fine £1.2m
Staff writer ▼ | February 24, 2016
The Financial Conduct Authority (FCA) has fined WH Ireland £1.2m and banned it from taking on new corporate broking clients over the next 72 days.Article continues below
FCA said the wealth management and corporate broking firm had failed to make sure there were effective systems and controls in place to protect against the risk of market abuse between January 1 and June 19, 2013.
Among the failings, the Financial Conduct Authority pointed to "deficient controls to ensure inside information did not leak from the private to the public side of its business or in ensuring disclosure to external parties was conducted in a controlled manner with proper safeguards in place".
The regulator also said WH Ireland had failed to maintain an effective written conflicts of interest policy and had inadequate recording of the kinds of service or activity carried out by WHI in which a conflict of interest had arisen or may arise.
The Financial Conduct Authority said the range of services the company performed during this time meant it was exposed to a broad range of market abuse risks.
The FCA said WH Ireland received inside information on a regular basis and as such, there was "significant scope" for an adverse impact on the market and on a large number of other market participants if that information was mishandled. ■ What to read next
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