Nortel Group Nortel Networks Nortel Networks 1000000000 2017 20170501 employment-related offences
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A settlement between the companies of the Nortel Group and the Nortel Networks UK Pension Plan, along with TPR and the PPF allowed the distribution of a share of the money available in the US and Canada to Nortel's creditors to be paid to the pension plan, after court cases in the UK, US and Canada to determine the rights of enforcement action. The aggregate payments were estimated to be in excess of £1 billion. agency action Settlement with TPA UK-TPR The Pensions Regulator Canada out of business telecommunications telecommunications https://www.thepensionsregulator.gov.uk/-/media/thepensionsregulator/files/import/pdf/regulatory-intervention-section-89-nortel.ashx UK21-54648
Airbus SE Airbus Airbus 991000000 2020 20200131 competition-related offences
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The indictment, which has been suspended for the term of the DPA, covers five counts of failure to prevent bribery. The conduct involves Airbus' Commercial and Defence & Space divisions. The conduct covered by the UK DPA took place across five jurisdictions: Sri Lanka, Malaysia, Indonesia, Taiwan and Ghana between 2011 and 2015. agency action deferred prosecution agreement UK-SFO Serious Fraud Office France publicly traded aerospace and military contracting aerospace & military contracting NL0000235190 https://www.sfo.gov.uk/2020/01/31/sfo-enters-into-e991m-deferred-prosecution-agreement-with-airbus-as-part-of-a-e3-6bn-global-resolution/ UK21-52459
Entain plc Entain PLC Entain PLC 615000000 2023 20231124 competition-related offences
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Entain agreed to pay £585 million in penalties and disgorgement of profits, make a charitable donation of £20 million, and pay costs of £10 million, in a Deferred Prosecution Agreement settling a court case resulting from an HMRC investigation which alleged failures by the company to have adequate procedures to prevent bribery at its former Turkish gambling operations. deferred prosecution agreement UK-HMRC HM Revenue & Customs Isle of Man publicly traded entertainment sports betting IM00B5VQMV65 https://www.entaingroup.com/media/ukhjhbq5/entain-update-on-dpa-24-nov-23.pdf UK21-101446
Rolls-Royce PLC Rolls-Royce Rolls-Royce 510250000 2017 20170117 competition-related offences
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The agreement with the company followed the SFO's four-year investigation into bribery and corruption. The indictment covered 12 counts of conspiracy to corrupt, false accounting and failure to prevent bribery. The conduct spanned three decades and involved Rolls-Royce's Civil Aerospace and Defence Aerospace businesses and its former Energy business and related to the sale of aero engines, energy systems and related services. The conduct covered by the UK DPA took place across seven jurisdictions: Indonesia, Thailand, India, Russia, Nigeria, China and Malaysia. The Judge ruled in a public hearing at the Royal Courts of Justice that the DPA's terms were fair, reasonable and proportionate and that the DPA was in the interests of justice. He also agreed that the total sum in the UK settlement (£497.25m plus interest and the SFO's costs of £13m) reflected the gravity of the conduct, the full cooperation of Rolls-Royce PLC in the investigation, and the programme of corporate reform and compliance put in place by new leadership at the top of the company. The resolution is the highest ever enforcement action against company in the UK for criminal conduct. agency action deferred prosecution agreement UK-SFO Serious Fraud Office United Kingdom publicly traded aerospace and military contracting aerospace & military contracting GB00B63H8491 https://www.sfo.gov.uk/2017/01/17/sfo-completes-497-25m-deferred-prosecution-agreement-rolls-royce-plc/ UK21-52467
Taveta Investments Limited and Taveta Investments (No.2) Limited Taveta Investments Taveta Investments 343000000 2017 20170228 employment-related offences
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Taveta Group agreed to pay £363 million to the BHS pension schemes in settlement of a Warning Notice by TPR alleging the group was liable for payments to the BHS pension fund since the long control and involvement with the BHS business and pension schemes had only ended with a sale that was materially detrimental to the schemes. agency action Settlement with TPA UK-TPR The Pensions Regulator United Kingdom privately held diversified diversified https://www.thepensionsregulator.gov.uk/-/media/thepensionsregulator/files/import/pdf/regulatory-intervention-section-89-bhs.ashx UK21-54651
Credit Suisse UBS Credit Suisse UBS took over Credit Suisse in 2023 292209276 2021 20211019 financial offences
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The Financial Conduct Authority fined Credit Suisse over £147 million for serious financial crime due diligence failings related to loans worth over US$1.3 billion, which the bank arranged for the Republic of Mozambique. FCA said these loans, and a bond exchange, were tainted by corruption. Credit Suisse also agreed with the FCA to forgive US$200 million (added to the penalty amount here as £145,019,000) of debt owed by the Republic of Mozambique as a result of these tainted loans. agency action UK-FCA Financial Conduct Authority Switzerland publicly traded financial services banking & securities CH0244767585 https://www.fca.org.uk/news/press-releases/credit-suisse-fined-ps147190276-us200664504-and-undertakes-fca-forgive-us200-million-mozambican-debt UK21-63106
Barclays Bank plc Barclays Barclays 284432000 2015 20150520 competition-related offences
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Barclays paid a £284 million fine in settlement of a finding by the FCA that the company failed to have adequate systems and controls over its foreign exchange business, allowing traders to engage in market abuse that put the firm's interests ahead of its clients, with inappropriately shared information and manipulation of spot FX currency rates. agency action settlement of FCA Decision UK-FCA Financial Conduct Authority United Kingdom publicly traded financial services banking GB0031348658 https://www.fca.org.uk/news/press-releases/fca-fines-barclays-%C2%A3284432000-forex-failings UK21-16748
Glencore Energy (UK) Ltd Glencore Glencore 280965092 2022 20221103 competition-related offences
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Glencore Energy (UK) Ltd was convicted on charges of bribery brought against it by the Serious Fraud Office (SFO). At Southwark Crown Court, the company admitted to multiple counts of paying bribes to secure access to oil and generate illicit profit and was sentenced to pay £280 million. agency action UK-SFO Serious Fraud Office Switzerland publicly traded financial services commodity trading; mining JE00B4T3BW64 https://www.sfo.gov.uk/2022/11/03/glencore-energy-uk-ltd-will-pay-280965092-95-million-over-400-million-usd-after-an-sfo-investigation-revealed-it-paid-us-29-million-in-bribes-to-gain-preferential-access-to-oil-in-africa/ UK21-83167
National Westminster Bank plc NatWest Group PLC NatWest Group PLC 264772619 2021 20211213 financial offences
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NatWest pleaded guilty to three offences of failing to comply with money laundering regulations by accepting £365 million in cheques and cash from a commerical customer with suspicious behaviour that was not acted upon and was not spotted by an incorrect automated transaction monitoring system. agency action guilty plea UK-FCA Financial Conduct Authority United Kingdom publicly traded financial services banking & securities GB00B7T77214 https://www.fca.org.uk/news/press-releases/natwest-fined-264.8million-anti-money-laundering-failures UK21-65925
Coats Group plc Coats Group PLC Coats Group PLC 255500000 2017 20170201 employment-related offences
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Coats Group agreed to pay £255.5 million to two pension schemes, and £74 million to a third pension scheme, in settlement of a Warning Notice by TPR alleging the company was liable for substantial deficits in the schemes, which would be left insufficiently resourced and with high levels of risk following Coats selling off its investment shareholdings and allocating the majority of benefit to shareholders. agency action Settlement with TPA UK-TPR The Pensions Regulator United Kingdom publicly traded miscellaneous manufacturing sewing supplies GB00B4YZN328 https://www.thepensionsregulator.gov.uk/-/media/thepensionsregulator/files/import/pdf/regulatory-intervention-section-89-coats.ashx UK21-54652
UBS AG UBS UBS 233814000 2014 20141211 competition-related offences
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Citibank N.A., HSBC Bank Plc, JPMorgan Chase Bank N.A., The Royal Bank of Scotland Plc and UBS AG were fined a total of £1.1 billion in settlements with the FCA of findings that they failed to have adequate systems and controls over their foreign exchange businesses, allowing traders to engage in market abuse that put the firms' interests ahead of their clients, with inappropriately shared information and manipulation of spot FX currency rates. agency action settlement of FCA Decision UK-FCA Financial Conduct Authority Switzerland publicly traded financial services banking & securities CH0244767585 https://www.fca.org.uk/news/press-releases/fca-fines-five-banks-%C2%A311-billion-fx-failings-and-announces-industry-wide-remediation-programme UK21-16758
Deutsche Bank AG Deutsche Bank Deutsche Bank 226800000 2015 20150423 competition-related offences
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Deutsche Bank paid a £226 million fine in settlement of a finding by the FCA that the company attempted manipulation of IBOR rates and was unacceptably misleading, slow and ineffective in responding to the Authority's enquiries. agency action settlement of FCA Decision UK-FCA Financial Conduct Authority Germany publicly traded financial services banking & securities DE0005140008 https://www.fca.org.uk/news/press-releases/deutsche-bank-fined-%C2%A3227-million-financial-conduct-authority-libor-and-euribor UK21-16749
Citibank N.A. Citigroup Citigroup 225575000 2014 20141211 competition-related offences
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Citibank N.A., HSBC Bank Plc, JPMorgan Chase Bank N.A., The Royal Bank of Scotland Plc and UBS AG were fined a total of £1.1 billion in settlements with the FCA of findings that they failed to have adequate systems and controls over their foreign exchange businesses, allowing traders to engage in market abuse that put the firms' interests ahead of their clients, with inappropriately shared information and manipulation of spot FX currency rates. agency action settlement of FCA Decision UK-FCA Financial Conduct Authority United States publicly traded financial services banking & securities US1729674242 https://www.fca.org.uk/news/press-releases/fca-fines-five-banks-%C2%A311-billion-fx-failings-and-announces-industry-wide-remediation-programme UK21-16759
JPMorgan Chase Bank N.A. JPMorgan Chase JPMorgan Chase 222166000 2014 20141211 competition-related offences
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Citibank N.A., HSBC Bank Plc, JPMorgan Chase Bank N.A., The Royal Bank of Scotland Plc and UBS AG were fined a total of £1.1 billion in settlements with the FCA of findings that they failed to have adequate systems and controls over their foreign exchange businesses, allowing traders to engage in market abuse that put the firms' interests ahead of their clients, with inappropriately shared information and manipulation of spot FX currency rates. agency action settlement of FCA Decision UK-FCA Financial Conduct Authority United States publicly traded financial services banking & securities US46625H1005 https://www.fca.org.uk/news/press-releases/fca-fines-five-banks-%C2%A311-billion-fx-failings-and-announces-industry-wide-remediation-programme UK21-16760
The Royal Bank of Scotland plc NatWest Group PLC NatWest Group PLC 217000000 2014 20141211 competition-related offences
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Citibank N.A., HSBC Bank Plc, JPMorgan Chase Bank N.A., The Royal Bank of Scotland Plc and UBS AG were fined a total of £1.1 billion in settlements with the FCA of findings that they failed to have adequate systems and controls over their foreign exchange businesses, allowing traders to engage in market abuse that put the firms' interests ahead of their clients, with inappropriately shared information and manipulation of spot FX currency rates. agency action settlement of FCA Decision UK-FCA Financial Conduct Authority United Kingdom publicly traded financial services banking & securities GB00B7T77214 https://www.fca.org.uk/news/press-releases/fca-fines-five-banks-%C2%A311-billion-fx-failings-and-announces-industry-wide-remediation-programme UK21-16761
HSBC Bank plc HSBC HSBC 216363000 2014 20141211 competition-related offences
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Citibank N.A., HSBC Bank Plc, JPMorgan Chase Bank N.A., The Royal Bank of Scotland Plc and UBS AG were fined a total of £1.1 billion in settlements with the FCA of findings that they failed to have adequate systems and controls over their foreign exchange businesses, allowing traders to engage in market abuse that put the firms' interests ahead of their clients, with inappropriately shared information and manipulation of spot FX currency rates. agency action settlement of FCA Decision UK-FCA Financial Conduct Authority United Kingdom publicly traded financial services banking GB0005405286 https://www.fca.org.uk/news/press-releases/fca-fines-five-banks-%C2%A311-billion-fx-failings-and-announces-industry-wide-remediation-programme UK21-16762
Virgin Holidays Ltd and Virgin Atlantic Airways Ltd. and Virgin Atlantic Ltd. Virgin Group Virgin Group 203000000 2020 20201012 consumer-protection-related offences
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Virgin Holidays agreed to pay refunds estimated at £203 million to customers requesting money back for holidays that were cancelled due to the pandemic and to do so as close to the legally required 14 days as possible, following an investigation by the CMA of complaints that refunds were delayed. agency action Undertaking with the CMA UK-CMA Competition and Markets Authority United Kingdom privately held diversified diversified https://www.gov.uk/cma-cases/covid-19-cancellations-package-holidays UK21-190
Deutsche Bank AG Deutsche Bank Deutsche Bank 163076224 2017 20170130 financial offences
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Deutsche Bank paid a £154 million fine and made a £9 million disgorgement in settlement of a finding by the FCA that the company and an inadequate anti-money laundering control framework and had allowed a large amount of trades between its Moscow and London branches that should have been investigated as highly suggestive of financial crime. agency action settlement of FCA Decision UK-FCA Financial Conduct Authority Germany publicly traded financial services banking & securities DE0005140008 https://www.fca.org.uk/news/press-releases/fca-fines-deutsche-bank-163-million-anti-money-laundering-controls-failure UK21-16731
UBS AG UBS UBS 160000000 2012 20121219 competition-related offences
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UBS paid a £160 million fine in settlement of a finding by the FSA that the company's employees colluded with individuals both inside and outside the bank, and with other businesses, to influence the LIBOR and EURIBOR rates for their benefit. agency action settlement of FSA Decision UK-FSA Financial Services Authority Switzerland publicly traded financial services banking & securities CH0244767585 https://webarchive.nationalarchives.gov.uk/20130402201303/http://www.fsa.gov.uk/library/communication/pr/2012/116.shtml UK21-16846
National Grid Electricity Transmission plc and Scottish Power Transmission plc National Grid National Grid 158000000 2021 20211130 competition-related offences
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National Grid Electricity Transmission plc and Scottish Power Transmission plc agreed to pay a £158 million consumer redress package following a finding by Ofgem that delays to the Western Link Project and a resulting lack of capacity to deliver renewable electricity led to higher costs for customers. agency action settlement with Ofgem UK-OFGEM Office of Gas and Electricity Markets United Kingdom publicly traded utilities and power generation utilities GB00BDR05C01 https://www.ofgem.gov.uk/publications/ps158-million-redress-two-year-delay-major-western-link-subsea-cable UK21-65924
JPMorgan Chase Bank N.A. JPMorgan Chase JPMorgan Chase 137610000 2013 20130918 financial offences
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JPMorgan Chase paid a £137 million fine in settlement of a finding by the FCA that the company failed to adequately manage the risks of trading in its Synthetic Credit Portfolio, failed to prevent traders concealing losses, and failed to be open and cooperative with the FCA. agency action settlement of FCA Decision UK-FCA Financial Conduct Authority United States publicly traded financial services banking & securities US46625H1005 https://www.fca.org.uk/news/press-releases/jpmorgan-chase-bank-na-fined-%C2%A3137610000-serious-failings-relating-its-chief UK21-16792
Tesco Stores Limited Tesco PLC Tesco PLC 132000000 2019 20190123 financial offences
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According to the SFO, between February and September 2014, instead of working to safeguard the financial interests of the company and its shareholders, a culture existed at Tesco that encouraged illegal practices to meet accounting targets, including improperly recognised income in the UK accounts, by pulling forward income from subsequent reporting periods. A deferred prosecution agreement was announced in 2017 but its details were not revealed until 2019. agency action deferred prosecution agreement UK-SFO Serious Fraud Office United Kingdom publicly traded retailing retail-supermarkets GB00BLGZ9862 https://www.sfo.gov.uk/2019/01/23/deferred-prosecution-agreement-between-the-sfo-and-tesco-published/ UK21-52465
Auden Mckenzie and Actavis UK Intas Pharmaceuticals Ltd. Intas Pharmaceuticals Ltd. In 2015 Auden McKenzie was acquired by Actavis PLC, which sold its generics business in 2016 to Teva Pharmaceuticals, which sold its UK generics business to Accord Healthcare, a subsidiary of Intas Pharmaceuticals, in 2017. 130000000 2023 20230918 competition-related offences
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The Competition Appeal Tribunal upheld a finding by the Competition and Markets Authority that Auden/Actavis UK abused a dominant market position to increase the price of hydrocortisone tablets over a decade by over 10,000%, imposing a fine of about £130 million. UK-CMA Competition and Markets Authority India privately held pharmaceuticals pharmaceuticals https://www.gov.uk/government/news/cma-decision-upheld-in-major-drug-price-abuse-case UK21-96219
Southern Water Macquarie Southern Water Southern Water’s ultimate parent are Greensands Holdings, those major shareholders were IIF (advised by JP Morgan) and The Northern Trust Co. (exited 2016), with no majority owner. In 2021 a fund managed by Macquarie acquired a majority stake. 126000000 2019 20190625 consumer-protection-related offences
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Southern Water agreed to pay £126m in penalties and payments to customers following serious failures in the operation of its sewage treatment sites and for deliberately misreporting its performance. agency action UK-OFWAT Water Services Regulation Authority Australia publicly traded financial services financial services AU000000MQG1 https://www.ofwat.gov.uk/pn-12-19-southern-water-to-pay-126m-following-ofwat-investigation/ UK21-54670
The Bank of New York Mellon International Limited et al. Bank of New York Mellon Bank of New York Mellon 126000000 2015 20150414 financial offences
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The Bank of New York Mellon London branch and The Bank of New York Mellon International Limited paid a £126 million fine in settlement of a finding by the FCA that the companies failed to comply with custody rules to ensure they had adequate controls and records to protect client assets. agency action settlement of FCA Decision UK-FCA Financial Conduct Authority United States publicly traded financial services banking US0640581007 https://www.fca.org.uk/news/press-releases/fca-fines-bank-new-york-mellon-london-branch-and-bank-new-york-mellon UK21-16752
Thames Water Utilities Limited Thames Water Utilities Ltd. Thames Water Utilities Ltd. 120000000 2018 20180808 consumer-protection-related offences
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Ofwat confirmed that Thames Water will pay £65M back to its customers as part of a total package of payments and penalties worth £120M. This followed an Ofwat investigation into Thames' failure to meet commitments it made to its customers to tackle leakage. As part of that investigation, Ofwat found that Thames Water's Board did not pay enough attention to reducing leakage, and underestimated its legal responsibility for oversight of its leakage operations and the responsibilities of its Board. agency action UK-OFWAT Water Services Regulation Authority United Kingdom privately held utilities and power generation water and sewer services https://www.ofwat.gov.uk/pn34-18-ofwat-confirms-package-payments-penalties-thames-water-following-leakage-failures/ UK21-54671
Lloyds Bank plc and Bank of Scotland plc and Black Horse Limited Lloyds Banking Group Lloyds Banking Group 117430600 2015 20150604 consumer-protection-related offences
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Lloyds Bank and subsidiaries paid £117 million fines in settlement of a finding by the FCA that they did not fairly handle customers complaints about the mis-selling of Payment Protection Insurance by not providing full information to complaint handlers and allowing a default assumption that the company had not mis-sold PPI. agency action settlement of FCA Decision UK-FCA Financial Conduct Authority United Kingdom publicly traded financial services banking GB0008706128 https://www.fca.org.uk/news/press-releases/lloyds-banking-group-fined-%C2%A3117m-failing-handle-ppi-complaints-fairly UK21-16747
British Telecommunications plc BT BT 117042000 2012 20121220 competition-related offences
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BT was ordered to repay £94.8 million to the companies Sky UK Ltd., TalkTalk Telecom Group plc, Virgin Media Ltd., Cable & Wireless Worldwide plc, and Verizon UK Ltd. in a finding that BT had overcharged them for certain Ethernet services. Appeals slightly reduced the amount but added interest, for a net additional £22.2 million. agency action UK-OFCOM Office of Communications United Kingdom publicly traded telecommunications telecommunications GB0030913577 https://www.ofcom.org.uk/about-ofcom/latest/bulletins/competition-bulletins/all-closed-cases/cw_01087 UK21-51756
Santander UK Plc Banco Santander Banco Santander 107793300 2022 20221209 financial offences
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Santander was fined £107 million in settlement of a finding by the FCA that the bank failed to properly oversee and manage its anti money-laundering systems over several years. agency action settlement of FCA Decision UK-FCA Financial Conduct Authority Spain publicly traded financial services banking ES0113900J37 https://www.fca.org.uk/news/press-releases/fca-fines-santander-uk-repeated-anti-money-laundering-failures UK21-83197
Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A. Rabobank Rabobank 105000000 2013 20131029 competition-related offences
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Rabobank paid a £105 million fine in settlement of a finding by the FCA that the company's managers and employees sought to manipulate LIBOR in collusion with other brokers and Panel Banks. agency action settlement of FCA Decision UK-FCA Financial Conduct Authority Netherlands cooperative financial services financial services https://www.fca.org.uk/news/press-releases/fca-fines-rabobank-%C2%A3105-million-serious-libor-related-misconduct UK21-16788
Lloyds Bank plc and Bank of Scotland plc Lloyds Banking Group Lloyds Banking Group 105000000 2014 20140728 competition-related offences
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Lloyds Bank and Bank of Scotland paid £105 million in settlement of a finding by the FCA that the companies manipulated both LIBOR and the SLS Spread, the figure used to calculate fees paid to the Bank of England by the companies benefiting from the Special Liquidity Scheme during the 2008 financial crisis. agency action settlement of FCA Decision UK-FCA Financial Conduct Authority United Kingdom publicly traded financial services banking GB0008706128 https://www.fca.org.uk/news/press-releases/lloyds-banking-group-fined-%C2%A3105m-serious-libor-and-other-benchmark-failings UK21-16771
Amec Foster Wheeler Limited Wood Group Wood Group 103000000 2021 20210702 competition-related offences
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The Serious Fraud Office entered into a Deferred Prosecution Agreement (DPA) with Amec Foster Wheeler Limited (AFWEL) relating to the use of corrupt agents in the oil and gas sector. In entering into the DPA, AFWEL has taken responsibility for ten offences of corruption relating to the use of corrupt agents in the oil and gas sector by the legacy Foster Wheeler business. The offences spanned from 1996 to 2014 and took place across the world, in Nigeria, Saudi Arabia, Malaysia, India and Brazil. agency action deferred prosecution agreement UK-SFO Serious Fraud Office United Kingdom publicly traded oilfield services and supplies oilfield services GB00B5N0P849 https://www.sfo.gov.uk/2021/07/02/sfo-enters-into-103m-dpa-with-amec-foster-wheeler-energy-limited-as-part-of-global-resolution-with-us-and-brazilian-authorities/ UK21-52455
Standard Chartered Bank Standard Chartered Standard Chartered 102163200 2019 20190409 financial offences
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Standard Chartered paid a fine of £102 million in settlement of a finding by the FCA that the company failed to establish and maintain anti-money laundering procedures, leading to the bank being at risk of breaching sanctions and laundering the proceeds of crime. US authorities took action against Standard Charter for alleged sanctions violations in a related investigation. agency action settlement of FCA Decision UK-FCA Financial Conduct Authority United Kingdom publicly traded financial services banking GB0004082847 https://www.fca.org.uk/news/press-releases/fca-fines-standard-chartered-bank-102-2-million-poor-aml-controls UK21-16714
Yorkshire Water Kelda Group Kelda Group England and Wales 100000000 2022 20221013 consumer-protection-related offences
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Yorkshire Water agreed to invest an additional £100 million to reduce spills to the environment from storm overflows in addition to already committed investment, in an undertaking with Ofwat settling concerns that the company had made inter-company loans to associated companies to an extent that could leave Yorkshire Water without the financial resilience to carry out its licence obligations to customers and the environment. agency action Untertaking with Ofwat UK-OFWAT Water Services Regulation Authority United Kingdom privately held utilities and power generation water and sewer services https://www.ofwat.gov.uk/investigation-into-yorkshire-water-in-relation-to-inter-company-loans-with-one-of-its-associated-businesses/ UK21-83168
Serco Geografix Ltd Serco Group Serco Group 91400000 2019 20190704 financial offences
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In entering a deferred prosecution agreement, SGL took responsibility for three offences of fraud and two of false accounting arising from a scheme to dishonestly mislead the Ministry of Justice as to the true extent of the profits being made between 2010 and 2013 by SGL's parent company, Serco Limited (SL), from its contract for the provision of electronic monitoring services. The company had already paid £68.5 million in restitution for the overcharges discovered in a 2013 audit. deferred prosecution agreement UK-SFO Serious Fraud Office United Kingdom publicly traded miscellaneous services outsourced government services GB0007973794 https://www.sfo.gov.uk/2019/07/04/sfo-completes-dpa-with-serco-geografix-ltd/ Penalty amount includes the £22.9 million fine for the settlement with a Serious Fraud Office, and the £68.5 million restitution paid to the Ministry of Justice in 2013. UK21-101377
Lloyds Bank General Insurance Limited Lloyds Banking Group Lloyds Banking Group 90688400 2021 20210708 consumer-protection-related offences
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The FCA fined LBGI (Lloyds Bank General Insurance Limited, St Andrew's Insurance Plc, Lloyds Bank Insurance Services Limited and Halifax General Insurance Services Limited) £90,688,400 for failing to ensure that language contained within millions of home insurance renewals communications was clear, fair and not misleading. agency action UK-FCA Financial Conduct Authority United Kingdom publicly traded financial services banking GB0008706128 https://www.fca.org.uk/news/press-releases/fca-fines-lbgi-90-million-failures-communications-home-insurance-renewals-2009-2017 UK21-16688
SOUTHERN WATER SERVICES LTD Macquarie Southern Water Southern Water’s ultimate parent are Greensands Holdings, those major shareholders were IIF (advised by JP Morgan) and The Northern Trust Co. (exited 2016), with no majority owner. Later in 2021 a fund managed by Macquarie acquired a majority stake. Worthing 90000000 2021 20210907 environment-related offences
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Southern Water has been handed a record £90 million fine after pleading guilty to thousands of illegal discharges of sewage which polluted rivers and coastal waters in Kent, Hampshire and Sussex. agency action court case UK-EA Environment Agency Australia publicly traded financial services financial services AU000000MQG1 https://www.gov.uk/government/news/record-90m-fine-for-southern-water-following-ea-prosecution UK21-61209
The Royal Bank of Scotland plc NatWest Group PLC NatWest Group PLC 87500000 2013 20130206 competition-related offences
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RBS paid £87.5 million in settlement of a finding by the FSA that the company's employees sought to manipulate LIBOR through collusion in the company and with other banks and traders. agency action settlement of FSA Decision UK-FSA Financial Services Authority United Kingdom publicly traded financial services banking & securities GB00B7T77214 https://www.fca.org.uk/publication/final-notices/rbs.pdf UK21-16844
Credit Suisse International and Credit Suisse Securities (Europe) Ltd UBS UBS 87082000 2023 20230724 financial offences
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Credit Suisse was fined £87 million in a finding by an investigation involving the PRA of significant failures in risk management and governance in connection with the firms' exposure (by providing prime brokerage services and equity total return swaps) to Archegos Capital Management, which defaulted in 2021 with approximately $5.1 billion of losses. UK-PRA Prudential Regulation Authority Switzerland publicly traded financial services banking & securities CH0244767585 https://www.bankofengland.co.uk/news/2023/july/the-pra-imposes-record-fine-of-87m-on-credit-suisse UK21-109738
Petrofac Limited Petrofac Limited Petrofac Limited 77034625 2021 20211004 competition-related offences
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Petrofac Limited pleaded guilty to failing to prevent former senior executives of the Petrofac group of subsidiaries from using agents to systematically bribe officials, to win oil contracts in Iraq, Saudi Arabia and the United Arab Emirates. Petrofac Limited was ordered to pay confiscation of GBP 22,836,985, they were fined over GBP 47,197,640 and the SFO's costs of GBP 7 million. agency action UK-SFO Serious Fraud Office Jersey publicly traded oilfield services and supplies oilfield services GB00B0H2K534 https://www.sfo.gov.uk/2021/10/04/serious-fraud-office-secures-third-set-of-petrofac-bribery-convictions/ UK21-63001
Coats Group plc Coats Group PLC Coats Group PLC 74000000 2017 20170601 employment-related offences
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Coats Group agreed to pay £255.5 million to two pension schemes, and £74 million to a third pension scheme, in settlement of a Warning Notice by TPR alleging the company was liable for substantial deficits in the schemes, which would be left insufficiently resourced and with high levels of risk following Coats selling off its investment shareholdings and allocating the majority of benefit to shareholders. agency action Settlement with TPA UK-TPR The Pensions Regulator United Kingdom publicly traded miscellaneous manufacturing sewing supplies GB00B4YZN328 https://www.thepensionsregulator.gov.uk/-/media/thepensionsregulator/files/import/pdf/regulatory-intervention-section-89-coats.ashx UK21-54647
Barclays Bank plc Barclays Barclays 72069400 2015 20151125 financial offences
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Barclays paid a £19,769,400 fine and made a £52,300,000 disgorgement in settlement of a finding by the FCA that the company did exercise due skill, care and diligence in managing the risk of financial crime when it decided that clients with large deposits and confidentiality demands required it to address the financial crime risks in an ad hoc way instead of through normal departments. agency action settlement of FCA Decision UK-FCA Financial Conduct Authority United Kingdom publicly traded financial services banking GB0031348658 https://www.fca.org.uk/news/press-releases/fca-fines-barclays-%C2%A372-million-poor-handling-financial-crime-risks UK21-16741
Lloyds Bank plc and Bank of Scotland plc and The Mortgage Business plc Lloyds Banking Group Lloyds Banking Group 64046800 2020 20200611 financial offences
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Lloyds Bank and subsidiaries paid £64 million fines in settlement of findings by the FCA that they did not fairly handle mortgage customers in payment difficulties or arrears. agency action settlement of FCA Decision UK-FCA Financial Conduct Authority United Kingdom publicly traded financial services banking GB0008706128 https://www.fca.org.uk/news/press-releases/fca-fines-lloyds-bank-bank-scotland-mortgage-business-failures-mortgage-arrears UK21-16702
HSBC Bank plc HSBC HSBC 63946800 2021 20211217 financial offences
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HSBC agreed to pay £63 million in settlement of a finding by the FCA that the company's anti-money laundering processes had serious failings over a period of eight years. agency action settlement of FCA Decision UK-FCA Financial Conduct Authority United Kingdom publicly traded financial services banking GB0005405286 https://www.fca.org.uk/news/press-releases/fca-fines-hsbc-bank-plc-deficient-transaction-monitoring-controls UK21-65923
Pfizer Limited Pfizer Pfizer 63300000 2022 20220721 competition-related offences
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Pfizer and Flynn were fined £63 million and £6.7 million respectively after a finding by the CMA that the companies illegally exploited their dominant market position to charge the NHS excessive prices for phenytoin sodium capsules, an anti-epilepsy medicine, with Pfizer stopping sale of its price regulated branded version and transferring the contract to Flynn who sold the same phenytoin as a generic price unregulated drug with over 1000% price increases. agency action UK-CMA Competition and Markets Authority United States publicly traded pharmaceuticals pharmaceuticals US7170811035 https://www.gov.uk/government/news/70-million-in-fines-for-pharma-firms-that-overcharged-nhs UK21-75017
Chemtura Corp. and Chemtura Manufacturing UK Ltd. Lanxess Chemtura Lanxess acquired Chemtura in 2017. 60000000 2011 20110501 employment-related offences
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Chemtura and the Great Lakes UK Limited Pension Plan agreed to a settlement with £60 million support for the pension fund after concerns by TPR that the Chapter 11 bankruptcy of Chemtura in the US threatened the financial position of the fund. agency action Settlement after warning notice from TPR UK-TPR The Pensions Regulator Germany publicly traded chemicals chemicals DE0005470405 https://www.thepensionsregulator.gov.uk/-/media/thepensionsregulator/files/import/pdf/section-89-great-lakes.ashx UK21-54666
Barclays Bank plc Barclays Barclays 59500000 2012 20120627 competition-related offences
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Barclays paid a £59.5 million fine in settlement of a finding by the FSA that the company's employees colluded with individuals both inside and outside the bank, and with other businesses, to influence the LIBOR and EURIBOR rates for their benefit. agency action settlement of FSA Decision UK-FSA Financial Services Authority United Kingdom publicly traded financial services banking GB0031348658 https://webarchive.nationalarchives.gov.uk/20130402202450/http://www.fsa.gov.uk/library/communication/pr/2012/070.shtml UK21-16858
British Airways International Airlines Group International Airlines Group 58500000 2012 20120419 competition-related offences
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British Airways paid a £58.5 million fine in settlement of a decision by the OFT that the company engaged in anti-competitive practices along with Virgin Atlantic to coordinate their passenger fuel surcharges through exchange of commercially sensitive information. Virgin Atlantic was granted immunity to a fine under the OFT leniency policy having brought the matter to the OFT's attention. agency action Settlement with OFT UK-OFT Office of Fair Trading United Kingdom publicly traded airlines airlines ES0177542018 https://www.gov.uk/cma-cases/airline-passenger-fuel-surcharges-on-long-haul-flights-price-fixing UK21-51852
HSBC Bank plc and HSBC UK Bank plc HSBC HSBC 57417500 2024 20240130 financial offences
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HSBC was fined £57 million following a finding by the PRA that they failed to put in place adequate systems and controls, and governance, to ensure the integrity of critical information which the Financial Services Compensation Scheme relies upon to make prompt payments to depositors in the event of a firm failure. UK-PRA Prudential Regulation Authority United Kingdom publicly traded financial services banking GB0005405286 https://www.bankofengland.co.uk/news/2024/january/pra-fines-hsbc-for-failures-in-deposit-protection-identification-and-notifcation UK21-109737
Flybe Limited Flybe Limited Connect Airways Flybee Group entered administration later in 2020. The brand and assets were transferred to a new company funded by Cyrus Capital, with the name Flybe Ltd. England 51885049 2020 20201001 environment-related offences
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Civil penalty for failure to surrender sufficient allowances for the 2019 compliance year by 30 April 2020 contrary to Regulation 42(A)(2) of The Greenhouse Gas Emissions Trading Scheme Regulations 2012 (as amended) agency action Climate change regime violation UK-EA Environment Agency United Kingdom privately held airlines airline https://environment.data.gov.uk/portalstg/home/item.html?id=3b6567e11ba544a28461657152a25dfc UK21-15952
Facebook Meta Platforms Inc. Meta Platforms Inc. 50500000 2021 20211020 competition-related offences
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The CMA fined Facebook £50.5 million for breaching an initial enforcement order imposed by the agency during its investigation into Facebook's purchase of Giphy. This was the first time a company has been found by the CMA to have breached an IEO by consciously refusing to report all the required information. agency action UK-CMA Competition and Markets Authority United States publicly traded information technology internet services US30303M1027 https://www.gov.uk/government/news/cma-fines-facebook-over-enforcement-order-breach UK21-63107
Royal Mail plc International Distributions Services PLC International Distributions Services PLC In 2022 the holding company Royal Mail plc was renamed International Distributions Services plc. 50000000 2018 20180814 competition-related offences
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Royal Mail was fined £50 million in a finding by Ofcom that the company abused its market position by making competitors pay higher prices than companies that were not competing in mail delivery. agency action UK-OFCOM Office of Communications United Kingdom publicly traded miscellaneous services postal and package delivery services GB00BDVZYZ77 https://www.ofcom.org.uk/about-ofcom/latest/features-and-news/royal-mail-whistl-competition-law UK21-51735
Goldman Sachs International Goldman Sachs Goldman Sachs 48308400 2020 20201022 financial offences
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The PRA said it took action in light of GSI's failings arising from its involvement as arranger, initial purchaser and underwriter in three bond transactions in 2012 and 2013 for 1Malaysia Development Berhad (1MDB), a strategic investment and development company wholly-owned by the Malaysian government. The PRA stated that GSI failed to assess and manage risk to the heightened standard that was required of it. agency action UK-PRA Prudential Regulation Authority United States publicly traded financial services banking & securities US38141G1040 https://www.bankofengland.co.uk/-/media/boe/files/prudential-regulation/regulatory-action/final-notice-to-goldman-sachs-international.pdf?la=en&hash=0905E04952BFE7C4B05B7AFBB11467F21A069E3F UK21-52354
Goldman Sachs International Goldman Sachs Goldman Sachs 48308400 2020 20201021 financial offences
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Goldman Sachs paid a total of £96.6 million in fines to the FCA and PRA in settlement of a finding the company failed to properly assess risks and manage allegations of bribery and misconduct when it arranged three bond transactions with 1MDB, a fund that collapsed with alleged fraud. The fines were part of a $2.9 billion globally coordinated resolution. agency action settlement of FCA Decision UK-FCA Financial Conduct Authority United States publicly traded financial services banking & securities US38141G1040 https://www.fca.org.uk/news/press-releases/fca-pra-fine-goldman-sachs-international-risk-management-failures-1mdb UK21-16699
Monarch Airlines Limited Monarch Airlines Limited Monarch Airlines Limited England 48154044 2020 20201001 environment-related offences
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Civil penalty for failure to surrender sufficient allowances for the 2017 compliance year by 30 April 2018 contrary to Regulation 42(A)(2) of The Greenhouse Gas Emissions Trading Scheme Regulations 2012 (as amended) agency action Climate change regime violation UK-EA Environment Agency United Kingdom out of business airlines airline https://environment.data.gov.uk/portalstg/home/item.html?id=3b6567e11ba544a28461657152a25dfc UK21-15953
Standard Chartered Bank Standard Chartered Standard Chartered 46550000 2021 20211220 financial offences
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The Prudential Regulation Authority imposed a financial penalty on Standard Chartered Bank of £46.55 million for failing to be open and cooperative with the PRA and for failings in its regulatory reporting governance and controls in relation to a tailored PRA liquidity expectation. agency action UK-PRA Prudential Regulation Authority United Kingdom publicly traded financial services banking GB0004082847 https://www.bankofengland.co.uk/news/2021/december/pra-final-notice-to-standard-chartered-bank-dated-20-december-2021 UK21-65922
Bank of Scotland Lloyds Banking Group Lloyds Banking Group 45500000 2019 20190620 financial offences
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Bank of Scotland paid a £45.5 million fine in settlement of an FCA finding that the company failed to report suspicious conduct by persons associated with the company who were later prosecuted for fraud. agency action settlement of FCA Decision UK-FCA Financial Conduct Authority United Kingdom publicly traded financial services banking GB0008706128 https://www.fca.org.uk/news/press-releases/fca-fines-bank-scotland-failing-report-suspicions-fraud UK21-16711
G4S Care and Justice Services (UK) Ltd Allied Universal Security Services G4S G4S plc was acquired by Allied Universal and taken private in 2021. 44400000 2020 20200710 financial offences
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fraud against the Ministry of Justice in connection with electronic monitoring contracts agency action deferred prosecution agreement UK-SFO Serious Fraud Office United States privately held business services security services https://www.sfo.gov.uk/2020/07/10/sfo-receives-approval-in-principle-for-dpa-with-g4s-care-and-justice-services-uk-ltd/ and https://www.sfo.gov.uk/cases/g4s/ UK21-52458
Cadent Gas Limited Cadent Gas Limited Cadent Gas Limited 44000000 2019 20190522 competition-related offences
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Ofgem decided to conclude enforcement action under the the alternative action guidelines following Cadent's remedial action of spending £24 million on a restitution and improvement plan and an estimated £20 million setting up a community fund, following concerns by Ofgem that the company's records about its network were not accurate, thus breaching its licence requirements to maintain an efficient and economic gas pipeline system and resulting in customers being without gas supply and unable to receive the required compensation. UK-OFGEM Office of Gas and Electricity Markets United Kingdom privately held utilities and power generation natural gas distribution https://www.ofgem.gov.uk/publications/cadent-pays-ps24-million-past-failures-and-establishes-ps20-million-community-fund UK21-90698
Citigroup Global Markets Limited, Citibank N.A. London branch and Citibank Europe Plc UK branch Citigroup Citigroup 43890000 2019 20191126 financial offences
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During the Relevant Period, according to the PRA, the three entities breached Fundamental Rule 6 because they failed to organise and control their affairs responsibly and effectively to ensure that they complied with their UK regulatory reporting obligations. agency action UK-PRA Prudential Regulation Authority United States publicly traded financial services banking & securities US1729674242 https://www.bankofengland.co.uk/-/media/boe/files/news/2019/november/pra-decision-notice-citigroup.pdf?la=en&hash=4030FC4D482DF4C330A367A7A1A97E4649FB2968 UK21-52355
British Telecommunications plc BT BT 42000000 2017 20170326 competition-related offences
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BT paid £42 million in settlement of a finding by Ofcom that the company misused terms in its contracts to reduce compensations payments owed to other telecoms providers for failing to deliver ethernet leased line services on time. BT's dominant position in network infrastructure require it follow regulations promoting competition in services. agency action settlement with Ofcom UK-OFCOM Office of Communications United Kingdom publicly traded telecommunications telecommunications GB0030913577 https://www.ofcom.org.uk/about-ofcom/latest/bulletins/competition-bulletins/all-closed-cases/cw_01170 UK21-51743
Royal Bank of Scotland Plc and National Westminster Bank Plc and Ulster Bank Plc NatWest Group PLC NatWest Group PLC 42000000 2014 20141119 financial offences
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RBS, NatWest and Ulster Bank Ltd paid £42 million in settlement of a finding by the FCA that they failed to have adequate IT systems, allowing a failed software update to disable online transaction systems leaving millions of customers unable to assess accounts with problems that went on for several weeks. This was a joint action with the Prudential Regulation Authority which fined the banks £14 million (see separate entry). agency action settlement of FCA Decision UK-FCA Financial Conduct Authority United Kingdom publicly traded financial services banking & securities GB00B7T77214 https://www.fca.org.uk/news/press-releases/fca-fines-rbs-natwest-and-ulster-bank-ltd-%C2%A342-million-it-failures UK21-16763
Advanz Pharma Nordic Capital Nordic Capital 40900000 2021 20210729 competition-related offences
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The Competition and Markets Authority (CMA) found that from 2009 until 2017 the pharmaceutical company Advanz charged excessive and unfair prices for supplying liothyronine tablets which are used to treat thyroid hormone deficiency. The agency also fined two private equity firms, HGCapital and Cinven, that previously owned parts of the business. agency action UK-CMA Competition and Markets Authority Sweden privately held private equity (including portfolio companies) private equity (including portfolio companies) https://www.gov.uk/government/news/cma-fines-pharma-firm-over-pricing-of-crucial-thyroid-drug UK21-158
Welsh Water Dwr Cymru Cyfyngedig (Welsh Water) Dwr Cymru Cyfyngedig (Welsh Water) 39400000 2024 20240314 environment-related offences
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Ofwat issued a finding that Welsh Water misled customers and regulators on its performance on leakage and per capita consumption data, and that the company must provide £39.4 million redress for customers. UK-OFWAT Water Services Regulation Authority United Kingdom non-profit utilities and power generation water services https://www.ofwat.gov.uk/welsh-water-to-pay-40-million-following-ofwat-investigation/ UK21-111114
Commerzbank AG Commerzbank Commerzbank 37805400 2020 20200617 financial offences
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Commerzbank paid a £37 million fine in settlement of a finding by the FCA that the company failed to have adequate anti-money laundering systems and controls in place from 2012 to 2017. agency action settlement of FCA Decision UK-FCA Financial Conduct Authority Germany publicly traded financial services banking DE000CBK1001 https://www.fca.org.uk/news/press-releases/fca-fines-commerzbank-london-37805400-over-anti-money-laundering-failures UK21-16701
Barclays Bank plc Barclays Barclays 37745000 2014 20140923 financial offences
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Barclays paid a £37.7 million fine in settlement of a finding by the FCA that the Investment Banking Division of the company failed to properly protect client's assets worth £16.5 billion, data errors and failure to follow Client Asset Rules across countries meaning records did not correctly reflect which company in the Investment Banking Division was responsible for assets in the account and could suggest assets belonged to Barclays instead of its clients. agency action settlement of FCA Decision UK-FCA Financial Conduct Authority United Kingdom publicly traded financial services banking GB0031348658 https://www.fca.org.uk/news/press-releases/barclays-fined-%C2%A338-million-putting-%C2%A3165-billion-client-assets-risk UK21-16767
InterGen 37200000 2020 20200415 competition-related offences
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InterGen agreed to pay £37.2 million in settlement of a finding by Ofgem that it sent misleading signals to National Grid Electricity System Operator in winter 2016 about the energy it could supply to make substantial profits. Agreement to pay reduced fee for early resolution UK-OFGEM Office of Gas and Electricity Markets https://www.ofgem.gov.uk/publications/ofgem-requires-intergen-pay-ps37m-over-energy-market-abuse UK21-90693
Cinven Cinven Group Cinven Group 37100000 2021 20210729 competition-related offences
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The Competition and Markets Authority (CMA) found that from 2009 until 2017 the pharmaceutical company Advanz charged excessive and unfair prices for supplying liothyronine tablets which are used to treat thyroid hormone deficiency. The agency also fined two private equity firms, HGCapital and Cinven, that previously owned parts of the business. UK-CMA Competition and Markets Authority United Kingdom privately held private equity (including portfolio companies) private equity (including portfolio companies) https://www.gov.uk/government/news/cma-fines-pharma-firm-over-pricing-of-crucial-thyroid-drug Cinven’s fine was reduced to £37.1 million on appeal in 2023. UK21-96059
Merrill Lynch International Bank of America Bank of America 34524000 2017 20171018 financial offences
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Merrill Lynch paid a £34.5 million fine in settlement of a finding by the FCA that the company failed to report 68.5 million transactions in exchange traded derivatives because it had insufficient oversight and resources allocated. agency action settlement of FCA Decision UK-FCA Financial Conduct Authority United States publicly traded financial services banking US0605051046 https://www.fca.org.uk/news/press-releases/fca-fines-merrill-lynch-failing-report-transactions UK21-16729
Goldman Sachs International Goldman Sachs Goldman Sachs 34344700 2019 20190327 financial offences
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Goldman Sachs paid a £34.3 million fine in settlement of a finding by the FCA that the company failed to have reasonable systems in place to follow transaction reporting requirements, thus failing to report approximately 15% of its transactions during the relevant period. agency action settlement of FCA Decision UK-FCA Financial Conduct Authority United States publicly traded financial services banking & securities US38141G1040 https://www.fca.org.uk/news/press-releases/fca-fines-goldman-sachs-international-transaction-reporting-failures UK21-16715
J.P. Morgan Securities Ltd. JPMorgan Chase JPMorgan Chase 33320000 2010 20100525 financial offences
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J.P. Morgan Securities paid a £33.32 million fine in settlement of a finding by the FSA that the company failed to maintain adequate accounts with trust status to distinguish client assets accurately, risking loss to the client if the company became insolvent. agency action settlement of FSA Decision UK-FSA Financial Services Authority United States publicly traded financial services banking & securities US46625H1005 https://webarchive.nationalarchives.gov.uk/20130409024928/http://www.fsa.gov.uk/pages/library/communication/pr/2010/089.shtml UK21-16912
Serco Limited Serco Group Serco Group 33000000 2014 20141101 employment-related offences
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Serco and Docklands Light Railway agreed to pay a total of £37 million to the Docklands Light Railway Pension Scheme after TPR issued a warning notice requiring the parties to hire skilled persons to advise them, following concerns by TPR about the scheme's funding position. agency action Settlement with TPA UK-TPR The Pensions Regulator United Kingdom publicly traded miscellaneous services outsourced government services GB0007973794 https://www.thepensionsregulator.gov.uk/-/media/thepensionsregulator/files/import/pdf/section-89-report-docklands-light-railway.ashx UK21-54660
Santander UK plc Banco Santander Banco Santander 32817800 2018 20181219 financial offences
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Santander paid a £32.8 million fine in settlement of a finding by the FCA that the company failed to have suitable probate and bereavement processes resulting in funds in deceased customers' accounts taking an excessive time to identify or transfer. agency action settlement of FCA Decision UK-FCA Financial Conduct Authority Spain publicly traded financial services banking ES0113900J37 https://www.fca.org.uk/news/press-releases/santander-uk-plc-fined-serious-failings-its-probate-and-bereavement-process UK21-16720
Thomas Cook Airlines Limited England 32137926 2020 20201001 environment-related offences
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Civil penalty for failure to surrender sufficient allowances for the 2019 compliance year by 30 April 2020 contrary to Regulation 42(A)(2) of The Greenhouse Gas Emissions Trading Scheme Regulations 2012 (as amended) agency action Climate change regime violation UK-EA Environment Agency https://environment.data.gov.uk/portalstg/home/item.html?id=3b6567e11ba544a28461657152a25dfc UK21-15954
Mastercard MasterCard MasterCard 31560062 2022 20220118 competition-related offences
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Mastercard and four other payments companies were fined a total of £33 million by the Payment Systems Regulator for engaging in anti-competitive behaviour by agreeing not to compete or poach each other's clients. tps://www.paymentscardsandmobile.com/payment-systems-regulator-names-mastercard-in-pre-paid-card-cartel/ agency action UK-PSR Payment Systems Regulator United States publicly traded financial services financial services US57636Q1040 https://www.psr.org.uk/news-updates/latest-news/news/the-psr-fines-five-companies-more-than-33-million-for-cartel-behaviour-in-the-prepaid-cards-market/ UK21-52105
Standard Life Assurance Limited Phoenix Group Holdings PLC Phoenix Group Holdings PLC 30792500 2019 20190723 financial offences
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Standard Life paid a £30.79 million fine in settlement of a finding by the FCA that the company failed to ensure fair and appropriate information was given to customers buying annuities. agency action settlement of FCA Decision UK-FCA Financial Conduct Authority United Kingdom publicly traded financial services insurance and retirement services GB00BGXQNP29 https://www.fca.org.uk/news/press-releases/fca-fines-standard-life-assurance-limited-30-million UK21-16709
HomeServe Membership Limited Brookfield Corporation Homeserve plc Brookfield acquired HomeServe in 2023. 30647400 2014 20140212 consumer-protection-related offences
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HomeServe paid a £30.6 million fine in settlement of a finding by the FCA that the company had long running issues with failing to treat customers fairly when selling home emergency and repairs insurance cover, with lack of oversight of sales and remuneration that promoted selling of unsuitable products. agency action settlement of FCA Decision UK-FCA Financial Conduct Authority Canada publicly traded diversified diversified CA11271J1075 https://www.fca.org.uk/news/press-releases/homeserve-fined-%C2%A330-million-widespread-failings UK21-16780
GPT Special Project Management Ltd/Airbus Airbus Airbus 30324920 2021 20210408 competition-related offences
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Airbus subsidiary GPT pleaded guilty to corruption between December 2008 and July 2010 in relation to contracts awarded to GPT in respect of work carried out for the Saudi Arabian National Guard. In sentencing GPT, the judge ordered the company to pay a confiscation order of £20,603,000, fine of £7,521,920, and costs of £2,200,000. agency action UK-SFO Serious Fraud Office France publicly traded aerospace and military contracting aerospace & military contracting NL0000235190 https://www.sfo.gov.uk/2021/04/28/gpt-pleads-guilty-to-corruption/ UK21-52456
BAE Systems plc BAE Systems BAE Systems 30000000 2010 20100205 competition-related offences
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The SFO reached an agreement with BAE Systems that the company would plead guilty in the Crown Court to an offence under section 221 of the Companies Act 1985 of failing to keep reasonably accurate accounting records in relation to its activities in Tanzania. The company agreed to pay £30 million comprising a financial order to be determined by a Crown Court judge with the balance paid as an ex gratia payment for the benefit of the people of Tanzania. agency action UK-SFO Serious Fraud Office United Kingdom publicly traded aerospace and military contracting aerospace & military contracting GB0002634946 https://web.archive.org/web/20120716141008/http://www.sfo.gov.uk//press-room/latest-press-releases/press-releases-2010/bae-systems-plc.aspx UK21-52476
TSB Bank plc Banco de Sabadell Banco de Sabadell 29750000 2022 20221220 financial offences
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TSB agreed to pay a £29,750,000 fine to the FCA and a £18,900,000 fine to the PRA in settlement of findings that the bank failed to properly manage the operational risks of outsourcing arrangements leading to an IT upgrade programme failure causing customers to be unable to access banking services. settlement of FCA Decision UK-FCA Financial Conduct Authority Spain publicly traded financial services banking ES0113860A34 https://www.fca.org.uk/news/press-releases/tsb-fined-48m-operational-resilience-failings UK21-84413
UBS AG UBS UBS 29700000 2012 20121126 financial offences
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UBS paid a £29.7 million fine in settlement of a finding by the FSA that the company failed to prevent large scale unauthorised trading, after a trader was convicted of fraud with $2.3 billion of losses in Global Synthetic Equities trading. agency action settlement of FSA Decision UK-FSA Financial Services Authority Switzerland publicly traded financial services banking & securities CH0244767585 https://webarchive.nationalarchives.gov.uk/20130402200625/http://www.fsa.gov.uk/library/communication/pr/2012/105.shtml UK21-16848
The Carphone Warehouse Limited Currys PLC Currys PLC Dixons Carphone PLC changed its name to Currys PLC in 2021 29107600 2019 20190313 consumer-protection-related offences
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The Carphone Warehouse paid a £29.1 million fine in settlement of a finding by the FCA that the company mis-sold mobile phone insurance and technical support, with sales consultants inadequately trained to assess a customer's needs to determine whether the product was suitable. agency action settlement of FCA Decision UK-FCA Financial Conduct Authority United Kingdom publicly traded retailing retail-technology products GB00B4Y7R145 https://www.fca.org.uk/fca-fines-the-carphone-warehouse-over-29-million-for-insurance-misselling UK21-16717
Royal Bank of Scotland Group plc NatWest Group PLC NatWest Group PLC 28590000 2011 20110120 competition-related offences
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RBS paid a £28.5 million fine in settlement of a decision by the OFT that it and Barclays engaged in anti-competitive actions by sharing confidential future pricing information for their loan products offered to large professional services firms. Barclays brought the matter to the OFT's attention and was granted immunity to a fine under the leniency policy. agency action Settlement with OFT UK-OFT Office of Fair Trading United Kingdom publicly traded financial services banking & securities GB00B7T77214 https://www.gov.uk/cma-cases/loan-products-to-professional-service-firms-investigation-into-anti-competitive-practices UK21-51905
Lloyds Bank plc and Bank of Scotland plc Lloyds Banking Group Lloyds Banking Group 28038800 2013 20131210 financial offences
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Lloyds Bank and Bank of Scotland paid £28 million in settlement of a finding by the FCA that the companies failed to control incentives to sales staff, resulting in unsuitable savings, insurance and investment products being sold to customers. agency action settlement of FCA Decision UK-FCA Financial Conduct Authority United Kingdom publicly traded financial services banking GB0008706128 https://www.fca.org.uk/publication/final-notices/lloyds-tsb-bank-and-bank-of-scotland.pdf UK21-16785
UBS AG UBS UBS 27599400 2019 20190318 financial offences
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UBS paid a £27.6 million fine in settlement of a finding by the FCA that the company failed to have reasonable systems in place to follow transaction reporting requirements thus failing to submit approximately 3.65 million transaction reports and failing to accurately report approximately 83 million transactions. agency action settlement of FCA Decision UK-FCA Financial Conduct Authority Switzerland publicly traded financial services banking & securities CH0244767585 https://www.fca.org.uk/news/press-releases/fca-fines-ubs-ag-276-million-transaction-reporting-failures UK21-16716
Rio Tinto plc Rio Tinto Rio Tinto 27385400 2017 20171017 financial offences
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Rio Tinto paid a £27.3 million fine in settlement of a finding by the FCA that the company breached Disclosure and Transparency Rules by deciding not to carry out an impairment test for Rio Tinto Coal Mozambique as was required by International Accounting Standards, which would have shown that the loss of cheap transport options for coal had greatly reduced the value of the company and it would have been marked down in value in the half year report for 2012. agency action settlement of FCA Decision UK-FCA Financial Conduct Authority United Kingdom publicly traded mining and minerals mining GB0007188757 https://www.fca.org.uk/news/press-releases/rio-tinto-plc-fined-%C2%A327m-breaching-disclosure-and-transparency-rules UK21-16730
Barclays Bank UK PLC and Barclays Bank PLC and Clydesdale Financial Services Ltd. Barclays Barclays 26056400 2020 20201215 consumer-protection-related offences
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Barclays paid a £26 million fine in settlement of a finding by the FCA that the company breached consumer credit regulations by failing to show forbearance and due consideration to business and retail loan customers in arrears or financial difficulties, affecting at least 1.5 million customers over several years. agency action settlement of FCA Decision UK-FCA Financial Conduct Authority United Kingdom publicly traded financial services banking GB0031348658 https://www.fca.org.uk/news/press-releases/fca-fines-barclays-treatment-customers-financial-difficulty UK21-16696
Barclays Bank plc Barclays Barclays 26033500 2014 20140523 financial offences
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Barclays paid a £26 million fine in settlement of a finding by the FCA that the company failed to adequately manage conflicts of interest in relation to inappropriate conduct by a trader participating in options products dependent on the price of gold and also participating in the Gold Fixing, the market's price setting mechanism. agency action settlement of FCA Decision UK-FCA Financial Conduct Authority United Kingdom publicly traded financial services banking GB0031348658 https://www.fca.org.uk/news/press-releases/barclays-fined-%C2%A326m-failings-surrounding-london-gold-fixing-and-former-barclays UK21-16774
npower Limited et al. E.ON RWE AG RWE split off Npower as part of Innogy later in 2016. E.ON acquired Innogy in 2019. 26000000 2016 20160127 consumer-protection-related offences
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npower Direct Ltd, npower Ltd, npower Northern Ltd, npower Northern Supply Ltd, npower Yorkshire Supply Ltd, npower Yorkshire Ltd and npower Gas Ltd paid a £1 fine each and a total of £25,999,993 towards compensation and charities in settlement of a finding by Ofgem that the companies failed to bill customers correctly and had inadequate customer service provision. agency action settlement with Ofgem UK-OFGEM Office of Gas and Electricity Markets Germany publicly traded utilities and power generation utilities DE000ENAG999 https://www.ofgem.gov.uk/publications-and-updates/investigation-npower-s-compliance-standards-conduct-standard-licence-condition-25c-standard-licence-condition-27-provision-final-bills-and-gas-and-electricity-consumer-complaints-handling-standards-regulations-2008 UK21-51996
FP McCann Limited FP McCann Limited FP McCann Limited 25449676 2020 20201222 competition-related offences
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FP McCann was ordered to pay £25,449,676 plus £335,000 costs by the Competition Appeal Tribunal in judgment of a decision by the CMA that the company had engaged in price fixing and other anti-competitive conduct in the supply of certain pre-cast concrete drainage products in collusion with Stanton Bonna Concrete and CPM Group, who had already agreed to a settlement. agency action 50299 UK-CMA Competition and Markets Authority United Kingdom privately held construction and engineering precast concrete solutions https://www.gov.uk/cma-cases/supply-of-precast-concrete-drainage-products-civil-investigation UK21-178
Park First Limited et al. 25000000 2021 20210720 financial offences
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The FCA has secured a conditional agreement with the defendants in proceedings seeking compensation for approximately 4,500 investors in the failed Park First Scheme. The conditional agreement should see a further £25 million made available for compensation to investors. agency action UK-FCA Financial Conduct Authority https://www.fca.org.uk/news/press-releases/conditional-resolution-proceedings-park-first-and-senior-management UK21-61357
HIG Group H.I.G. Capital H.I.G. Capital 25000000 2021 20210302 employment-related offences
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HIG agreed to pay £25 million to settle without liability allegations made by TPR that HIG contrived an unreasonable scheme to further its acquisition of the Silentnight company without Silentnight's employee pension scheme, leading to a loss of benefits to savers in the scheme, while without HIG's scheme to bring about an unnecessary insolvency the pension scheme would have continued successfully. agency action Settlement with TPA UK-TPR The Pensions Regulator United States privately held private equity (including portfolio companies) private equity (including portfolio companies) https://www.thepensionsregulator.gov.uk/en/document-library/enforcement-activity/regulatory-intervention-reports/silentnight-group-db-scheme-regulatory-intervention-report UK21-53338
Drax PowerLimited Drax Group PLC Drax Group PLC 25000000 2015 20150316 competition-related offences
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Drax agreed to pay a penalty of £5 million and £20 million consumer redress to National Energy Action (with the objective of promoting energy efficiency, alleviating fuel poverty, and reducing carbon emissions) in settlement of a finding by Ofgem that the compay failed to achieve its carbon emissions reduction obligations of promoting carbon reduction actions by domestic energy users in low income areas. agency action settlement with Ofgem UK-OFGEM Office of Gas and Electricity Markets United Kingdom publicly traded utilities and power generation power generation GB00B1VNSX38 https://www.ofgem.gov.uk/publications-and-updates/notice-decision-impose-financial-penalty-following-investigation-compliance-drax-article-141-electricity-and-gas-community-energy-saving-programme-order-2009 UK21-52004
The Prudential Assurance Company Limited M&G PLC M&G PLC 23875000 2019 20190930 financial offences
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Prudential paid a £34 million fine (minus a 30% discount) in settlement of the FCA finding that the company failed to ensure fair and appropriate information was given to customers buying annuities. agency action settlement of FCA Decision UK-FCA Financial Conduct Authority United Kingdom publicly traded financial services asset management GB00BKFB1C65 https://www.fca.org.uk/news/press-releases/fca-fines-prudential-failures-relating-non-advised-annuities-sales UK21-16708
KPMG LLP KPMG KPMG 23874365 2023 20231012 financial offences
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The Financial Reporting Council (“FRC”) issued two Final Settlement Decision Notices and imposed severe reprimands and fines against KPMG LLP, KPMG Audit Plc, and two former audit partners following the conclusion of their investigations into the audits of Carillion plc. KPMG LLP agreed to pay £18,550,000 plus costs of the investigation and KPMG Audit agreed to pay £2,450,000. settlement of FRC Decision UK-FRC Financial Reporting Council Netherlands privately held business services accounting services https://www.frc.org.uk/news-and-events/news/2023/10/sanctions-against-kpmg-llp-kpmg-audit-plc-and-two-former-partners/ UK21-97186
EP SHB Limited 23630000 2023 20231207 competition-related offences
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Ofgem imposed a £23.63 million fine on EP SHB after a finding that the company breached its generation licence in a way that unfairly raised consumers' bills, as a consequence of prices it submitted in the Balancing Mechanism during periods where ‘transmission constraint' occurred. UK-OFGEM Office of Gas and Electricity Markets https://www.ofgem.gov.uk/publications/notice-penalty-ep-shb-limited UK21-107232
Lighthouse Advisory Services Limited 23610000 2023 20230515 financial offences
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The Financial Conduct Authority found that Lighthouse had given unsuitable advice to people looking to transfer out of defined benefit pension schemes, including to members of the British Steel Pension Scheme. Lighthouse had cooperated with the FCA and proactively given £23 million in redress, so a censure from the FCA was considered the appropriate official outcome. Cooperation and proactive redress UK-FCA Financial Conduct Authority https://www.fca.org.uk/news/press-releases/fca-censures-lighthouse-advisory-services-limited-serious-failings-relation-british-steel-pension UK21-91873
State Street Bank Europe Limited and State Street Global Markets International Limited State Street Corp. State Street Corp. 22885000 2014 20140130 financial offences
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State Street Bank Europe Limited and State Street Global Markets International Limited paid a £22.8 million fine in settlement of a finding by the FCA that they deliberately overcharged clients using Transaction Management services on their securities portfolios. agency action settlement of FCA Decision UK-FCA Financial Conduct Authority United States publicly traded financial services financial services US8574771031 https://www.fca.org.uk/news/press-releases/state-street-uk-fined-%C2%A3229m-financial-conduct-authority-transitions-management UK21-16781
GlaxoSmithKline plc and GlaxoSmithKline UK Ltd. and SmithKline Beecham Ltd. and Beecham Group plc GlaxoSmithKline GlaxoSmithKline 22000000 2016 20160212 competition-related offences
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GlaxoSmithKline plc was fined £37.6 million in a decision by the CMA that the company made agreements with Generics (UK) and Alpharma where GSK would pay the two companies to delay entering the UK market with a generic version of the drug paroxetine (allowing GSKs branded version Seroxat to dominate the market at a higher price) in breach of competition law. In 2021 the Competition Appeal Tribunal reduced the fine to £22 million. agency action UK-CMA Competition and Markets Authority United Kingdom publicly traded pharmaceuticals pharmaceuticals GB0009252882 https://www.gov.uk/cma-cases/investigation-into-agreements-in-the-pharmaceutical-sector UK21-353
ICBC Standard Bank Plc Industrial and Commercial Bank of China Industrial and Commercial Bank of China 21730000 2015 20151130 competition-related offences
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The Serious Fraud Office's first application for a Deferred Prosecution Agreement was approved by Lord Justice Leveson at Southwark Crown Court, sitting at the Royal Courts of Justice. The counterparty to the DPA, Standard Bank Plc (now known as ICBC Standard Bank Plc), was the subject of an indictment alleging failure to prevent bribery contrary to section 7 of the Bribery Act 2010. This indictment, pursuant to DPA proceedings, was immediately suspended. As a result of the DPA, Standard Bank was to pay financial orders of US$25.2 million and was required to pay the Government of Tanzania a further US$7 million in compensation. The bank also agreed to pay the SFO's reasonable costs of £330,000 in relation to the investigation and subsequent resolution of the DPA. agency action deferred prosecution agreement UK-SFO Serious Fraud Office China publicly traded financial services banking CNE1000003G1 https://www.sfo.gov.uk/2015/11/30/sfo-agrees-first-uk-dpa-with-standard-bank/ The U.S. dollar amounts in the penalty order are converted to pounds in the penalty amount above. UK21-52470
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