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FCA issues £885m of penalties

FCA issues £885m of penalties

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The Financial Conduct Authority (FCA) has revealed that it imposed 34 financial penalties totalling £884.6m during the past year.

In its annual report, the FCA also revealed that it issued 105 final notices (75 against firms, 30 against individuals) and secured 151 outcomes using its enforcement powers. 

The £884.6m collected through financial penalties is a significant decrease from last…

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http://megainsurance.tk/2016/07/13/fca-issues-885m-of-penalties/

FCA issues £885m of penalties

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The Financial Conduct Authority (FCA) has revealed that it imposed 34 financial penalties totalling £884.6m during the past year.

In its annual report, the FCA also revealed that it issued 105 final notices (75 against firms, 30 against individuals) and secured 151 outcomes using its enforcement powers. 

The £884.6m collected through financial penalties is a significant decrease from last year’s figures, which saw the FCA impose financial penalties totalling £1.4bn. 

The FCA also revealed that since taking over the regulation of consumer credit in April 2014, over 25,000 firms had been integrated over to its regulatory regime, where it now regulates over 56,000 firms and 125,000 approved persons.

Meanwhile, the FCA revealed that over 2,700 firms applied for the relevant authorisations during the Mortgage Credit Directive implementation. 

“Our overriding goal is for markets to work well, even when the external environment affecting financial services is challenging,” stated John Griffith-Jones, Chairman of the FCA. 

“It’s pleasing therefore that, despite this, on the whole, UK markets have worked well.”

John concluded: “As a regulator we focus on the areas which are not working so effectively, and where problems do occur our aim is to respond quickly. 

“A simple quantitative assessment of our achievements during the year is not possible, but there are some indicators of a positive direction of travel which are highlighted in this report.”

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Mold Hazards, Wrongful Termination Lead to Settlement against IFCO Services
Employee blows whistle on pallet services company after health concerns arise from mold hazards. A whistleblower at an IFCO Services plant in Pennsylvania alerted OSHA about mold and electric hazards, leading the regulatory body to issue a $105,000 settlement after the company retaliated against the worker. From April 8 to June 13, 2014, the employee repeatedly informed IFCO, a pallet services company, about suspected mold growing behind filing cabinets in an office at the plant. For more than two months, the company took no action to correct the unhealthy working condition, despite admitting there was mold present. Instead, IFCO fired the woman less than three weeks after she complained again about her health concerns.

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FCA issues £885m of penalties

FCA issues £885m of penalties

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The Financial Conduct Authority (FCA) has revealed that it imposed 34 financial penalties totalling £884.6m during the past year.

In its annual report, the FCA also revealed that it issued 105 final notices (75 against firms, 30 against individuals) and secured 151 outcomes using its enforcement powers. 

The £884.6m collected through financial penalties is a significant decrease from last…

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News from Bell & Pollock, P.C.

News from http://www.bellpollockinjury.com/fiat-chrysler-hit-with-70-million-fine-for-failing-to-report-safety-data-to-dot/

Fiat Chrysler Hit with $70 Million Fine for Failing to Report Safety Data to DOT

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A Denver car accident attorney discusses the $70M fine the DOT imposed on Fiat.

Fiat Chrysler Automobiles (FCA) has recently just been hit with a $70 million civil penalty from federal regulators at the National Highway Traffic Safety Administration (NHTSA). This fine has been issued due to FCA’s “failure to report legally required safety data” to federal authorities “over several years,” according to a recent NHTSA announcement.

While this penalty is certainly hefty, it is not the only civil fine that the NHTSA has issued Fiat Chrysler this year. In fact, this past July, FCA was issued a massive $105 million civil fine for mishandling more than 20 safety recalls. The latest $70 million fine, which has been imposed as an amendment to the July penalties, now brings the total amount of FCA’s civil penalties up to $175 million.

According to officials, $140 million of this penalty is due for cash payment immediately while the remaining $35 million will become due “if the company fails to meet its obligations under the consent order.”

Commenting on this action against FCA, U.S. Transportation Secretary Anthony Foxx has noted that:

Accurate, early-warning reporting is a legal requirement, and it’s also part of a manufacturer’s obligation to protect the safety of the traveling public… We need FCA and other automakers to move toward a stronger, more proactive safety culture, and when they fall short, we will continue to exercise our enforcement authority to set them on the right path.

Background on Fiat’s Failures

Fiat is now under fire from federal authorities for significantly underreporting the injury and death claims, as well as the warranty claims and other possible safety issues, that consumers have filed with the company. Motor vehicle manufacturers are required by law (per the TREAD Act of 2000) to report this data to the DOT so that regulators can “identify and investigate potential defects that may require a safety recall.”

Although the extent of FCA’s reporting failures is detailed in the official Consent Order, Fiat has also reportedly retained a third-party auditor to evaluate the “full extent of the reporting failure.” As part of this Consent Order, Fiat has reportedly acknowledged its failures “dating to the beginning of the requirements in 2003.”

Elaborating on these Consent Orders for FCA, NHTSA Administrator Mark Rosekind has explained that:

NHTSA’s enforcement actions in recent months have been designed not only to penalize previous actions, but to increase safety going forward…FCA has expressed a desire to use this situation as a stepping stone to a stronger, more proactive safety posture, and NHTSA is ready to work with FCA and the industry as a whole to improve safety.

Contact an Experienced Denver Car Accident Attorney at Bell & Pollock, P.C.

If you have been injured by defective vehicle equipment and/or as a result of a traffic crash, you can turn to a Denver car accident attorney at Bell & Pollock, P.C. for experienced help advocating your rights and pursuing justice.

To find out more about how we can help you, call us at (303) 795-5900 or email our firm using the contact form on this page to schedule a free initial consultation with one of our lawyers. During this meeting, you will receive clear, honest legal advice about your case, your rights and your best options for moving forward.

From our offices conveniently located in Denver, Greenwood Village, and Steamboat Springs, our lawyers provide the highest quality legal services to injured people throughout the Denver metro area, Arapahoe County, Routt County and the state of Colorado.