The Financial Conduct Authority (FCA) has fined GAM International Management Limited (GIML) £9.1 million and Timothy Haywood £230,037 for conflicts of interest and gifts & entertainment matters.
Both GAM Holding’s UK subsidiary and Mr Haywood agreed to resolve all issue of fact and liability, meaning they qualify for a 30 percent discount.
The financial penalties would have been £13 million and £319,044 respectively, had they not agreed to resolve the case.
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