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....”. The ICO has the power to impose a financial penalty of up to £500,000 for breaches of data protection law. ... [Read full article on Guardian ]
Monday 17th of July 2017 06:11:34 PM
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.... If she wanted another big job, this was the moment to make her way to the departure gate. But there was, perhaps, another factor to make her decision easier: there is no financial penalty whatsoever for McCall in quitting easyJet early. ... [Read full article on Guardian ]
Monday 17th of July 2017 06:22:31 PM
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Latest Finance News related to Financial Penalty

HS2 supporters boast of benefits – but costs keep going off the rails | Nils Pratley image
.... If she wanted another big job, this was the moment to make her way to the departure gate. But there was, perhaps, another factor to make her decision easier: there is no financial penalty whatsoever for McCall in quitting easyJet early. ...
Provident Personal Credit fined for sending 1m spam texts image
Source : Guardian [Read Article] Monday 17th of July 2017 06:11:34 PM
....”. The ICO has the power to impose a financial penalty of up to £500,000 for breaches of data protection law. ...
Uber’s practices are morally unacceptable – but a boycott won’t help | Hannah Lownsbrough image
.... In return, they are promised “flexibility”, or the freedom to work whatever hours suit them. In practice, many Uber drivers are working long, long shifts for poor pay in order to try to make ends meet as Uber “scales” upwards without facing any financial penalty to itself for growing too fast. ...
Thames Water needs to clean up its act after yet more fines | Nils Pratley image
....The splendid rewards, whatever they are, might arouse less suspicion if Thames did a better job for its customers. But here comes another financial penalty. ...
Petrofac's move to appease SFO offers fuel for thought | Nils Pratley image
....3bn. Shareholders will also have reflected that SFO investigations tend to take ages and, even when the company admits criminal activity (which Petrofac doesn’t), the process can conclude these days with a deferred prosecution agreement, or DPA, and the payment of a financial penalty that can be chunky but not life-threatening. ...
The great London property squeeze image
Source : Guardian [Read Article] Thursday 25th of May 2017 04:30:19 AM
....The bedroom tax, introduced in 2013 for occupants of housing association or council property, presents a mirror image of Airbnb. In a society where the idea of public housing has collapsed, a financial penalty is imposed on people in social housing with a spare room, while those who are lucky enough to own a house with extra space find themselves with an additional source of revenue. ...
RBS court battle with investors adjourned image
Source : BBC [Read Article] Monday 22nd of May 2017 12:12:00 AM
....". Although Mr Allen felt the directors should face some sort of financial penalty, he added: "I know it's not going to happen. ...
Bristol housing charity tops list of UK’s most-prosecuted landlords image
.... Housing officers who inspected his homes reported that he had failed to install adequate heating in the houses in multiple occupation – with some tenants wearing coats indoors and others sleeping on the sofa rather than the bedroom because they could not afford to keep more than one room warm. Over 2015 and 2016 the biggest financial penalty imposed on a landlord was £162,000. ...
Tesco and Serious Fraud Office near to deal over accounting scandal image
Source : Guardian [Read Article] Monday 27th of March 2017 05:46:01 PM
....The SFO and Tesco could announce they have reached a DPA as early as this week, according to people close to the talks, although the exact timing depends on if or when the high court approves the deal. The advanced talks between SFO and Tesco and the potential financial penalty of more than £100m were first reported by Sky News. ...
Rolls-Royce’s SFO settlement is big, ugly and serious image
Source : Guardian [Read Article] Monday 16th of January 2017 07:24:51 PM
.... If you’re an optimist, it’s possible to take comfort that Rolls has substantially reduced the number of sales agents and intermediaries it uses around the world. But a £671m financial penalty is a damning scar on a company that used to be regarded as the UK’s finest manufacturer. ...
Rolls-Royce to pay £671m over bribery claims image
Source : Guardian [Read Article] Monday 16th of January 2017 05:32:13 PM
.... It added: “These agreements relate to bribery and corruption involving intermediaries in a number of overseas markets, concerns about which the company passed to the SFO from 2012 onwards. “These are voluntary agreements which result in the suspension of a prosecution provided that the company fulfils certain requirements, including the payment of a financial penalty. ...
Only three out of 700 firms prosecuted for paying below minimum wage image
Source : Guardian [Read Article] Wednesday 28th of September 2016 05:00:56 AM
....“For this reason, in the vast majority of cases, HMRC seeks compliance using the civil route, which is the quickest way of ensuring workers receive their arrears,” they said. “Under the civil route, employers are not only faced with reputational consequences but also face a financial penalty for breaking the law. ...
On the line image
Source : BBC [Read Article] Tuesday 9th of August 2016 12:36:55 PM
....Even so, they have failed to bring the network to a standstill, since Southern has said roughly half its trains are operating as normal - and since that "normal" level actually refers to an emergency timetable that already involves hundreds of cancellations, hard-pressed commuters may feel that the service can scarcely get any worse. As for Southern, the system of government subsidies for rail franchises means that the company suffers little short-term financial penalty from the dispute. ...
Accountancy regulator to probe PwC audit of BHS image
Source : BBC [Read Article] Monday 27th of June 2016 10:47:30 AM
.... If the tribunal agrees with the FRC's conclusion then it has the ability to levy sanctions including fines as well as the exclusion of individuals from the accountancy profession. FRC's biggest financial penalty to date has been the £3. ...
Managers beware: busyness isn’t always good for business | Stefan Stern image
....Researchers at the University of Texas have found that older people who remain active score better in cognitive tests than those who are less busy. As well as the financial penalty in unemployment (and under-employment), there is a psychological cost too. ...
Shared parental leave is suffering teething problems image
Source : Guardian [Read Article] Monday 4th of April 2016 11:01:19 PM
....Shared parental leave should in time help cut that gender pay gap – something which David Cameron has vowed to do “in a generation”. That men currently feel unable to take the career risk or financial penalty of extended leave shows they also stand to gain from greater equality. ...
Paddy Power's £280,000 penalty equal to three hours' trading image
Source : Guardian [Read Article] Tuesday 8th of March 2016 07:05:28 PM
.... The legislation states that companies should ensure that gambling is not associated with crime and protecting vulnerable people from being harmed. The commission’s powers include imposing a financial penalty on a company and revoking its licence to operate if it breaches the act. ...
Volkswagen may cut jobs to pay for emissions scandal image
Source : Guardian [Read Article] Tuesday 8th of March 2016 05:55:30 PM
....The extent to which VW may be forced to cut jobs to meet the costs of scandal depends “decisively” on the level of fines, according to VW’s works councils chairman, Bernd Osterloh. Osterloh, who sits on VW’s 20-member supervisory board, said: “Should the future viability of Volkswagen be endangered by an unprecedented financial penalty, this will have dramatic social consequences. ...
Sky-high stakes, yet HSBC is taking risks with US justice image
Source : Guardian [Read Article] Monday 22nd of February 2016 03:08:40 PM
....2bn fine for allowing Mexican drug lords, among others, to launder money, the bank still hasn’t put its house in order. The official US monitor, who has spent two years policing the deferred prosecution agreement (DPA) that accompanied the financial penalty, has “significant concerns” about the pace of reform and HSBC’s ability to meet the five-year deadline to combat financial crime competently. ...
Tesco withheld supplier payments to boost its books, investigation finds image
Source : Daily Express [Read Article] Tuesday 26th of January 2016 05:26:00 PM
....Ms Tacon made a series of recommendations to stop the practices, saying the retailer should be more transparent in its dealings with suppliers. But she could not impose a financial penalty because this power was only given after the investigation had been launched. ...
TalkTalk hack to cost up to £35m image
Source : BBC [Read Article] Wednesday 11th of November 2015 11:35:07 AM
.... For example, customers with TV packages might be offered a sports channel that they did not already have. Customers who were financially affected directly will be free to leave TalkTalk without financial penalty. ...
Debt advice firm that made 1m unsolicited calls fined £120,000 image
Source : Guardian [Read Article] Tuesday 10th of November 2015 04:20:29 PM
....He warned that “any company acting the way Oxygen did can expect to be investigated and receive a large fine from the ICO”. In October, Swansea-based Help Direct UK Ltd became the first company to be issued with a financial penalty by the ICO using its beefed-up powers. ...
How is your  auto-enrolment pension faring? image
Source : Guardian [Read Article] Saturday 3rd of October 2015 06:00:01 AM
....The pensions regulator recently issued research showing that almost two-thirds of small (with between five and 49 staff) and micro (between one and four staff) employers still don’t know the exact date they need to start enrolling their workers. Its message to these small businesses was: “Start getting your plans in place or you risk a financial penalty. ...
Banks 'are past the worst on fines and punishments' image
Source : Telegraph [Read Article] Tuesday 29th of September 2015 07:00:25 PM
.... “It is clear that there is a slowdown in the number of penalties and value of fines issued against the banking sector in particular. The last significantly large financial penalty against a bank was in June 2015,” said Mary Stevens from Wolters Kluwer Financial Services. ...
Business rates appeal proposals are 'barrier to justice' for UK firms image
Source : Telegraph [Read Article] Wednesday 23rd of September 2015 01:51:19 PM
....  . Finally, the bill proposes a “civil financial penalty” on any firm that “knowingly, recklessly or carelessly provides information, which is false in a material particular”. ...
GM to pay $900m to avoid criminal inquiry into fault that led to deaths image
Source : Guardian [Read Article] Thursday 17th of September 2015 03:18:35 PM
.... By doing so, GM put its customers and the driving public at serious risk. Justice requires the filing of criminal charges, detailed admissions, a significant financial penalty and the appointment of a federal monitor. ...
Co-op bank boss praises move to waive £120m fine as 'pragmatic solution' image
Source : Guardian [Read Article] Wednesday 12th of August 2015 11:51:36 AM
....The boss of the Co-operative Bank has described the decision by City regulators to waive a £120m fine on the loss-making institution as “a pragmatic solution”. Niall Booker, the chief executive of the bank, said that any financial penalty needed to be weighed against the impact it would have on financial stability. ...
Source : Independent [Read Article] Wednesday 12th of August 2015 12:18:53 AM
.... . There will be some who are angered by the lack of a financial penalty, but the regulators are right: why stamp on the Co-op’s windpipe while its new management breathes it back into life? Those baying for blood must look to the individual managers who caused the mess. ...
Watchdog pity for Co-op Bank image
Source : Daily Express [Read Article] Wednesday 12th of August 2015 12:01:00 AM
. The lender was censured but the Financial Conduct Authority and Prudential Regulation Authority decided a financial penalty would weaken its finances and harm its recovery. ...
Co-op Bank spared fine but individuals remain under investigation, says FCA image
....The Bank of England’s regulatory arm, the Prudential Regulation Authority, would have levied a £120m fine. The FCA did not disclose what level of financial penalty it would have imposed on the bank, which it publicly censured instead. ...
One in six jobseekers have allowance stopped by DWP each year image
Source : Guardian [Read Article] Wednesday 5th of August 2015 01:44:10 PM
....The Guardian’s analysis shows that of those unemployed in the 12 months up to April 2014, 16. 7% faced a financial penalty. ...
New Genel Energy boss was fined by FSA for market abuse image
Source : Guardian [Read Article] Monday 13th of July 2015 12:36:46 PM
....In a trading update, Genel said production in the first half of 2015 was up 41% from a year earlier and that its growth was “integral in helping Kurdish regional government achieve its export goals”. In a regulatory announcement about Özgül’s appointment, Genel said: “In 2010 the Financial Services Authority imposed a financial penalty on Murat Özgül in respect of share dealing around the time of a possible merger of Genel Enerji and Heritage Oil. ...
Budget 2015: British business reacts to Osborne's 'double-edged' plans image
Source : Telegraph [Read Article] Wednesday 8th of July 2015 04:39:58 PM
.... The Budget introduced an apprenticeship levy for large corporations . However, Mark Boleat, policy chairman at the City of London Corporation said that the “apprenticeship levy on big firms shouldn’t be seen as a financial penalty”. ...
Co-operative Bank could face fines from regulators image
Source : Guardian [Read Article] Tuesday 23rd of June 2015 03:52:02 PM
....On Tuesday, the bank said it would begin settlement talks next month with the Financial Conduct Authority and the Bank of England concerning events between 2008 and 2013. “The outcome of any settlement discussions is currently uncertain both in the details of any findings and any potential financial penalty,” the bank said. ...
'Disabled should band together to bring living costs down' image
Source : BBC [Read Article] Tuesday 23rd of June 2015 07:14:35 AM
....In a 2014 report called Priced Out, Scope found that disabled people spend on average an extra £550 per month. Although benefits like DLA and PIP exist to account for this extra spend, on average disabled people get £360 per month from them, so still pay a "financial penalty" on everyday living costs. ...
I'm moving to South Africa. Should I take my £15k pension with me? image
Source : Telegraph [Read Article] Monday 22nd of June 2015 07:00:29 AM
.... "Some funds still have a guaranteed return of 4pc per annum," Mr Kean says. "Also check if there is a financial penalty for transferring. ...
HSBC pays out £28m over money-laundering claims image
Source : Guardian [Read Article] Thursday 4th of June 2015 01:18:34 PM
....”. Announcing the biggest financial penalty ever imposed by the Geneva authorities, Jornot launched a stinging attack on his own country’s financial laws, adding his voice to a growing a number of Swiss politicians and campaigners calling for reform of the country’s secretive banking system. ...
Deutsche Bank tops table of wrongdoers with $2.5bn Libor fines image
Source : Independent [Read Article] Friday 24th of April 2015 12:05:56 AM
....As part of the settlement the bank agreed to plead guilty to a criminal charge of wire fraud across the Atlantic, entering into the by now standard deferred prosecution agreement with the US Department of Justice. In addition to a financial penalty, the New York State Department of Financial Services announced that Deutsche Bank would also terminate individual employees who engaged in misconduct, and install a monitor for violations of New York law. ...
Bumi's successor facing FCA fine for breaking stock market rules image
Source : Telegraph [Read Article] Wednesday 25th of March 2015 12:19:40 PM
.... . “The FCA currently proposes to impose a substantial financial penalty as a result. ...
Petrobras scandal gives Rolls-Royce a new headache image
Source : Independent [Read Article] Tuesday 17th of February 2015 01:16:34 AM
....The SFO began its examination in 2013 and has made some arrests, although no one has yet been charged. Analysts believe Rolls-Royce will ultimately have to pay a multimillion-pound financial penalty. ...
Drax and InterGen hit with £39m Ofgem penalties image
Source : BBC [Read Article] Friday 28th of November 2014 07:58:39 AM
....Similar decisions by the regulator on British Gas, SSE, Scottish Power, and GDF/Suez are still pending and are likely to be announced in the coming weeks. The previous record financial penalty handed out by Ofgem was £15m for National Grid in 2010 over a different issue. ...
Carney puts bankers' pay in spotlight after misconduct shockwaves image
Source : BBC [Read Article] Monday 17th of November 2014 08:54:29 AM
....One example of a payment "other than cash" is a performance bond linked to the bank's future trajectory. If bad behaviour is uncovered and fines levied, holders of the bond would face a financial penalty. ...
Ofgem prepares to punish energy suppliers over efficiency targets failure image
Source : Telegraph [Read Article] Wednesday 5th of November 2014 03:58:15 PM
.... One of the companies under investigation, Drax, which owns the Yorkshire power plant of the same name, told the stock market on Wednesday: "Ofgem is now concluding its investigation. Enforcement could be in the form of a financial penalty. ...
HSBC sets aside $378m in currency probe image
Source : BBC [Read Article] Monday 3rd of November 2014 09:01:39 AM
....HSBC said discussions were "ongoing" with the UK financial watchdog The Financial Conduct Authority (FCA), over its foreign exchange investigation relating to "one part of its spot FX trading business in London". "Although there can be no certainty that a resolution will be agreed, if one is reached, the resolution is likely to involve the payment of a significant financial penalty," it added. ...
I took a speed awareness course – and my car insurance doubled image
Source : Telegraph [Read Article] Friday 31st of October 2014 09:15:39 AM
.... Motorists know that speeding convictions can ramp up insurance premiums. But opting for the alternative – a morning spent learning to drive more safely – may also attract a financial penalty, it has emerged. ...
RBS blows whistle on Swiss franc bank cartel image
Source : Telegraph [Read Article] Tuesday 21st of October 2014 02:14:37 PM
.... RBS however escaped a fine on both counts because it blew the whistle on the activity, which related to the Swiss franc. Had it not, RBS would have faced a financial penalty of €115m. ...
Disabled poor, struggling  to pay an extra £550 month image
Source : Guardian [Read Article] Saturday 11th of October 2014 06:00:05 AM
....Disabled people are twice as likely to live in poverty, according to charity Scope, with 49% using credit cards or loans to pay for everyday items, including clothing and food, as they try to meet an extra £550 in living costs. Its report, Priced out: ending the financial penalty of disability by 2020, reveals that disabled adults spend, on average, an extra £550 on costs associated with their disability with nearly a fifth paying over £800 and one in 10 more than £1,000 every month. ...
Source : Independent [Read Article] Friday 10th of October 2014 06:33:00 PM
.... This means that if for some reason you are unable to pay, then the guarantor becomes liable for the outstanding balance. Again the interest rate is a fraction of that charged by payday providers, plus it offers flexible terms, including the option to make additional ad hoc overpayments without a financial penalty. ...
FCA Libor probe closes in on six banks image
Source : Independent [Read Article] Friday 10th of October 2014 11:28:33 AM
.... . Firms which choose to accept FCA rulings and fines normally receive a 30 per cent discount on the financial penalty they pay. ...
Could an old business bankruptcy affect a building insurance quote today? image
Source : Guardian [Read Article] Friday 26th of September 2014 05:59:05 AM
.... HN, London. A limited company’s failure does not mean bankruptcy or financial penalty for a director, nor would it affect a credit rating. ...
COMMENT: Now the referendum is over, we must unite over North Sea oil image
Source : Daily Express [Read Article] Saturday 20th of September 2014 09:51:00 AM
....It is still facing investigations into other allegations but meanwhile chief executive Sir Andrew Witty must continue rebuilding the trust of customers around the world. In many ways the financial penalty was not as harsh as it could have been. ...
Southern Water £176m penalty over 'sewage failings' image
Source : BBC [Read Article] Tuesday 16th of September 2014 12:02:10 PM
. A water company could face a financial penalty of £176m for failings in customer services and managing sewerage systems, BBC South East has learned. ...
Calls grow for leadership change as Standard Chartered faces new fine image
Source : Independent [Read Article] Thursday 7th of August 2014 12:00:51 AM
....Yesterday, Standard Chartered chief executive, Peter Sands, confirmed “ongoing discussions” with Mr Lawksy over “certain issues with respect to the group’s post-transaction surveillance systems and money-laundering controls”.   This, he said, would probably mean an extension of the term of the government monitoring regime the bank is under, plus a financial penalty. ...
.... . While the financial penalty will likely be less than the $667m total that StanChart paid last time (just over half of which went to Mr Lawsky’s New York banking regulator) that’s not the worst of it. ...
Facebook privacy challenge attracts 25,000 users image
Source : BBC [Read Article] Wednesday 6th of August 2014 02:56:35 PM
...."The current climate of data protection enforcement in the EU in the courts and by the data protection regulators, coupled with an increasing awareness by consumers of their rights means that this case could well run its course in the Court in Vienna and achieve a result for Max Schrems and Facebook users," said Robert Bond, a partner at the law firm Speechly Bircham. "Of course it remains to be seen whether or not Facebook will try to settle as reputational damage may be worse than a financial penalty. ...
Disabled face living costs penalty, says Scope image
Source : BBC [Read Article] Friday 25th of July 2014 12:40:00 PM
....Insurance costs tended to be higher, most notably for travel, the charity found. "We want to end this financial penalty. ...
City watchdog hits out with hiring halt image
Source : Telegraph [Read Article] Wednesday 23rd of July 2014 07:54:01 PM
.... The sanctions’ tough nature have raised concerns in the City, with fears about their “devastating” potential. Richard Burger, regulatory partner at law firm RPC, said: “The power to prevent firms from recruiting new staff could choke the life out of a business just as much as a huge financial penalty. ...
Millions of people without the internet pay £440 more each year for utility bills image
....Millions of households without internet access pay an average of £440 more a year for essential goods and services such as energy, telecommunications and banking, research reveals. The financial penalty of continuing to access key services offline, as companies attempt to shift away from paper billing, represents 4. ...
Spending watchdog criticises ministers over £16bn renewable energy deals image
...."As the contracts-for-difference regime has the potential to secure better value for consumers through price competition, committing so much of the available funding through early contracts, without competition, has limited the department's opportunity to secure better value for money," she added. The watchdog noted that the eight contracts to companies such as SSE, Dong Energy and Drax will provide only 5% of the 20% target, while the operators are still able to reduce their project capacity in future by 36% without financial penalty. ...
Wonga to pay £2.6m compensation for fake debt firm letters image
Source : Guardian [Read Article] Wednesday 25th of June 2014 01:51:00 PM
.... The regulator said the firm would be compensating around 45,000 customers who received the letters, which threatened legal action over outstanding debts. However, the firm escaped a potential financial penalty or worse because the FCA only started policing payday lenders in April 2014, and these practices occurred while the now-defunct Office of Fair Trading (OFT) was in charge. ...
Npower must report monthly to Ofgem on progress in reducing billing backlog image
....The company has been given to the end of August to resolve its billing problems, after which Ofgem will force it to cease all proactive telesales to new customers until the issues are resolved. The parallel investigation into customer service failings could lead to a financial penalty or redress payments if npower is found to have broken rules. ...
France goes into battle with US over $10bn BNP Paribas fine image
Source : Independent [Read Article] Tuesday 3rd of June 2014 10:41:41 PM
....This represents the first time that the Paris-based European Union watchdog has publicly reprimanded a firm since being given the power to regulate EU credit rating agencies in 2012. ESMA did not, however, impose a financial penalty. ...
Tribunal sends out warning on inside information in wake of Hannam case image
Source : Telegraph [Read Article] Wednesday 28th of May 2014 02:43:49 PM
...." . It also said that it would consider the £450,000 fine levied by the regulator - in its previous incarnation as the Financial Services Authority (FSA) - asking both sides to provide further submissions as to an appropriate financial penalty. ...

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