FCA fines Deutsche Bank for transaction reporting failures: FCA has fined Deutsche Bank £4,718,800 for incorrectly reporting transactions from the date of implementation of the Markets in Financial Instruments Directive (MiFID) in November 2007 and April 2013. The failure affected all the bank's equity swap CFD contracts during the period, which was nearly 30 million. FCA found the failure particularly serious because it had taken action against many firms for similar failures and issued a private warning to the bank in 2010, and had also published many general communications stressing the importance of compliance with transaction reporting rules. The fine, which was reduced by 30% for early settlement, reflected the seriousness of the breach. (Source: FCA Fines Deutsche Bank for Transaction Reporting Failures)

FCA bans and fines individual for UCIS selling failures: FCA has fined Craig Cameron, formerly a director of Burlington Associates, £350,000 and banned him from any involvement in FCA authorised firms. Mr Cameron had tried to get Burlington involved in his plan to sell three unregulated collective investment schemes (UCIS) to retail investors. Burlington was an Appointed Representative, and its principal refused to allow it to be involved, but Mr Cameron put in place complex arrangements which gave the appearance that Burlington had approved the sale. Mr Cameron knew of the risk that investors would buy unsuitable products. FCA had previously fined other individuals in relation to the selling failures. (Source: FCA Fines and Bans Individual for UCIS Selling Failures)

FCA publishes PPI update: FCA's latest update on payment protection insurance (PPI) reports that firms have improved the way in which they are handling complaints, and have agreed to reassess over two million complaints from 2012 and 2013 that they may have handled unfairly or not paid enough attention to. If firms continue to progress as FCA expects, it plans to scale down its intensive PPI supervision work during 2015. (Source: FCA Publishes PPI Update)