Macquarie, through its UK regulated branch Macquarie Bank Limited, London Branch, has today been issued a financial penalty by the Financial Conduct Authority (FCA). This action is in relation to an investigation into a period of unauthorised trading activity within Macquarie's Commodities and Global Markets (CGM) group in London which was self-detected and reported in 2022.
Regarding the Final Notice, Macquarie shared the following 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 unauthorised trading was isolated to one individual. The unauthorised trading did not affect clients, or the market, and no financial benefit or gain was derived by Macquarie or any other party directly from the activity. The incident was not financially material to Macquarie Group and was accounted for and noted in the Macquarie Group financial results for FY2022.
Macquarie takes these matters very seriously and understands the importance to all stakeholders. 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."
