FCA fines for conflicts and gift & entertainment breaches

FCA has fined GAM International Management Limited £9.1m and Timothy Hayward £230,037 for issues relating to conflicts of interest and gifts and hospitality.  Both the firm and Mr Haywood agreed all issues and qualified for a 30% discount on the proposed fines.  However, FCA is not able to publish final notices in the usual way, as another party not a subject of them may be affected, and FCA must consult with that party before it can publish the notice.  As a result, it has published warning notice statements against the firm and individual.