The following United States (US) federal and state authorities have announced penalties totalling US$100 million against Royal Bank of Scotland Group (RBS Group) and Royal Bank of Scotland (RBS) in relation to alleged supervisory failures
The United States (US) Department of Justice (DoJ) has announced that Northrop Grumman Corporation (Northrop Grumman) has paid US$11.4 million to settle allegations that the company improperly charged deferred compensation costs to its federal contracts in breach of an earlier settlement agreement with the Defense Contract Management Agency (DCMA) in the US Department of Defense.
The United States (US) Securities and Exchange Commission (SEC) has made available an Order (4 December 2013) instituting cease-and-desist proceedings against Fifth Third Bancorp (Fifth Third) and former Fifth Third chief financial officer (CFO) Daniel Poston, as well as public administrative proceedings against Mr Poston. According to the SEC, the order follows Fifth Third and Mr Poston's offers to pay US$6.5 million and US$100,000 respectively in settling SEC charges of "improper accounting of commercial real estate loans in the midst of the financial crisis".
United States (US)-based Bank of America Corporation (BoA) has agreed to pay US$20 million to settle a class action which alleges that BoA manipulated municipal securities markets in breach of antitrust law, resulting in uncompetitive interest rates for the plaintiffs.
The United Kingdom Financial Conduct Authority (FCA) has announced that it has fined financial services company SEI Investments Limited (SEI) £900,200 for failing to comply with client money protection requirements.
The United States (US) Department of Justice (DoJ) and a number of other US federal and state agencies have announced a record US$13 billion settlement with bank JPMorgan Chase & Co (JPMorgan). The DoJ states that the settlement is the largest ever with a single entity in US history and resolves "[US] federal and state civil claims arising out of the packaging, marketing, sale and issuance of residential mortgage-backed securities (RMBS) by JPMorgan, Bear Stearns and Washington Mutual" during and prior to the global financial crisis.
The United Kingdom Financial Conduct Authority (FCA) has made available the following recent speeches by FCA chief executive Martin Wheatley that examine the investment regulation landscape with reference to ethics, conduct and culture:
The United Kingdom National Audit Office (NAO) has released its memorandum The Ministry of Justice's electronic monitoring contracts (19 November 2013), which sets out the UK Ministry of Justice's (MoJ) decision to commission an independent forensic audit of its electronic monitoring contracts with the firms G4S and Serco.
Australian Small Business Minister Bruce Billson has announced a number of actions that the federal government will take in response to the findings (July 2013) of a Commonwealth Consumer Affairs Advisory Council (CCAAC) study on credit card surcharges and non-transparent transaction fees.
The United States (US) Financial Industry Regulatory Authority (FINRA) has announced that it has fined two firms a total of US$1.825 million for "failing to report or accurately report certain large options positions and for related supervisory deficiencies".
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