Macquarie Group's UK branch, Macquarie Bank Limited, London Branch, has received a financial penalty from the Financial Conduct Authority (FCA). This penalty is linked to an investigation into unauthorized trading activity within Macquarie’s Commodities and Global Markets (CGM) group in London. The issue was self-detected and reported by Macquarie in 2022.
In response to the FCA's Final Notice, Macquarie issued a statement: “Macquarie Bank Limited, London Branch, acknowledges the FCA’s Final Notice and the associated financial penalty. This follows Macquarie’s detection, in February 2022, of a period of unauthorised trading by an individual previously employed by Macquarie, which was self-reported by Macquarie to relevant regulators."
The company clarified that the unauthorized trading was limited to one individual and did not impact clients or the market. No financial benefit or gain resulted for Macquarie or any other party from this activity. The incident was deemed not financially material to Macquarie Group and was accounted for in their FY2022 financial results.
“Macquarie takes these matters very seriously and understands the importance to all stakeholders," the statement continued. "As noted by the FCA, we have displayed a high level of cooperation throughout their investigation. We have focussed significant resources on addressing learnings from the incident and implemented a series of improvements to our control environment in response to the incident.”
This information serves as a general description of the Macquarie Group only. It does not constitute advice or an offer related to securities or financial products.