The Financial Conduct Authority (FCA) has fined GAM International Management Limited £9.1m and Timothy Haywood £230,037 for conflicts of interest and gifts & entertainment matters.
Both the Firm and Mr Haywood agreed to resolve all issue of fact and liability and so they qualified for a 30% discount. The financial penalties would have been £13m and £319,044 respectively, had they not agreed to resolve the case.
Final Notices would ordinarily be published, providing full details of the FCA’s case. However, another party who is not a subject of the Final Notices may be affected by them. Under the Financial Services & Markets Act, 2000, the FCA is required to consult with that party and provide them with an opportunity to make representations on the references to it before publication is possible.
In order not to delay notice of enforcement action, the FCA has instead published warning notice statements outlining the basis of its case against both the firm and individual involved. The links to these statements are Warning Notice Statement 21/5[1] and Warning Notice Statement 21/6[2].
The FCA will publish Final Notices when it is able and cannot comment further.