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The Costs of Misconduct

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US SEC Fines 16 Firms $81mn for Messaging Violations

by Starling Insights

Observations

Feb 19, 2024

Earlier this month, the US Securities and Exchange Commission (SEC) announced $81 million in fines against 16 financial firms for the employee use of unauthorized messaging apps. The penalized firms included Northwestern Mutual Investment Services (NMIS), US Bancorp, and Huntington Investment Company.

The 2023 Compendium is available now!

Now in its 6th year, Starling's Compendium features over 40 contributors from across the industry as well as detailed analysis of the latest trends in culture & conduct risk supervision.

Switzerland's Finma Calls for Tougher Powers

by Starling Insights

Observations

Dec 27, 2023

In its recent report into the collapse of Credit Suisse, the Swiss Financial Market Supervisory Authority ("Finma") called for enhanced powers to oversee banks, claiming it did all it could to prevent the collapse of Credit Suisse within the confines of current statutory limitations. The bank's collapse was caused by "inadequate implementation of its strategic focus areas, repeated scandals and management errors,” FINMA wrote.