FCA Fines June 2026: No Fines, a CACEIS UK Censure and Three Bans
FCA Fines June 2026: No Fines, a CACEIS UK Censure and Three Bans
The FCA published no monetary penalty in June 2026, but it censured the bank CACEIS UK over weak financial crime controls and secured a voluntary payment of 31,714,068 pounds for the clients of the failed WealthTek business. The FCA's 2026 fines page lists no fine dated in June. The month's nine Final Notices instead produced one censure, three prohibition orders for people convicted of fraud-related offences, and five cancellations of firm authorisations.
June 2026 at a Glance
| Measure | June 2026 |
|---|---|
| Monetary penalties on the FCA 2026 fines page | 0 |
| Final Notices published | 9 |
| Public censures | 1 (CACEIS UK) |
| Prohibition orders | 3 (Peter Currie, Andrew Currie, Daniel Pugh) |
| Firm authorisation cancellations | 5 |
| Year to date, January to June | 9 fines, 16,842,723 pounds |
CACEIS UK: the second WealthTek censure
The Final Notice to CACEIS BANK (UK Branch), dated 19 June and published on 25 June 2026, imposes a public censure under section 205 of the Financial Services and Markets Act 2000. As with the April censure of Sapia Partners, the FCA did not fine the firm. CACEIS UK agreed to make a voluntary payment of 31,714,068 pounds, distributed to WealthTek's clients under the plan run by WealthTek's joint special administrators.
The FCA records that, without the firm's cooperation and the payment, it would have imposed a financial penalty of 32,988,540 pounds, reduced to 23,091,900 pounds after the 30% settlement discount. The payment is therefore a settlement of the harm, not a fine, and it does not appear in the FCA's fines total.
The notice describes a custody bank that did not act on warning signs. CACEIS UK took WealthTek on as a client in October 2020, when WealthTek still traded as Vertus. Register checks showed that WealthTek lacked the permission needed to hold client assets, but the bank did not complete those checks before migrating the accounts and kept opening accounts after the problem surfaced again in 2021 and December 2022. It also missed a restriction the FCA had placed on WealthTek's authorisation that stopped it holding client money.
Monitoring was weak too. The first transaction alert on a WealthTek account exposed gaps in the bank's know-your-customer information, yet the notice finds no sufficient action on that alert or on the 15 that followed within more than two years. Credits into WealthTek's client accounts over the period totalled more than 314 million pounds. The FCA's press release frames the case as weak financial crime controls.
The lesson for banks and platforms that serve other regulated firms is direct: check the client's permissions on the Financial Services Register at onboarding and again when something changes, and treat an unexplained gap as a reason to stop opening accounts.
Three prohibition orders for convicted individuals
Three Final Notices banned individuals following criminal convictions. None carries a fine.
- Peter Currie and Andrew Currie, both published on 16 June, were convicted at Southwark Crown Court on 22 May 2023 and sentenced on 14 July 2023 to 5 years 6 months and 2 years 6 months respectively. The offences related to Collateral (UK) Limited, which held no FCA permission. The notices record that the entry for another company on the FCA's interim permissions register was amended to make it appear that Collateral held permission.
- Daniel Pugh, published on 26 June, conspired to defraud investors through a fund that operated as a Ponzi scheme between March 2019 and August 2020. He was convicted on 21 July 2025 and sentenced on 6 October 2025 to 7 years 6 months.
Five firm authorisations ended
Five more Final Notices ended a firm's regulated status.
- 5Star Vehicle Solutions Ltd (19 June), Jangeer Ditta trading as West Midland Motors (22 June) and Micromax Industries trading as Laze&Amaze Ltd (24 June): permissions cancelled for failing to pay overdue fees and levies.
- 786 Motor Solutions Ltd (4 June): permission cancelled because, despite repeated requests and warnings, the firm did not submit its annual regulatory returns or its Firm Details Attestation.
- RVB Currency UK Ltd (15 June): authorisation as a payment institution cancelled. The notice cites a failure to remain on the register required under the money laundering regulations, missing annual returns for two periods and a failure to respond to FCA communications.
Other June signals
Two June announcements were not Final Notices. On 11 June the FCA announced a decision to fine Carlos Ricardo Fuenmayor 99,600 pounds for disclosure failures. He has referred the Decision Notice to the Upper Tribunal, so it is not a final penalty and is not counted here. On 4 June the FCA opened an investigation into a second motor finance claims management company, Consultation Claims Limited.
The first half of 2026
| Month | Fines | Value in pounds |
|---|---|---|
| January | 5 | 2,518,323 |
| February | 1 | 237,700 |
| March | 2 | 13,331,700 |
| April | 0 | 0 |
| May | 1 | 755,000 |
| June | 0 | 0 |
| First half | 9 | 16,842,723 |
What This Means for Compliance Teams
For banks, custodians and platforms, the CACEIS notice is a due diligence checklist. Verify a client's permissions before opening accounts, repeat the check when a name changes or a restriction could apply, and escalate transaction alerts until a reviewer records why the activity is not a concern.
For senior managers and approved persons, three June prohibitions show that a criminal conviction ends a career even where the offences touched an unregulated business. Keep a process for declaring convictions and for monitoring staff in senior roles.
For boards, ask whether the firm tracks its FCA fee invoices and regulatory returns as closely as it tracks its own deadlines. Four June cancellations rested on those basics.
Key Takeaways
- No fine, large outcome. CACEIS UK agreed to pay 31,714,068 pounds to WealthTek clients under a censure, which the FCA counts separately from fines.
- Control failures, not one transaction. The bank kept opening accounts after register checks showed missing permissions.
- Convictions lead to bans. Three individuals were prohibited after fraud-related convictions.
- Basic obligations still end authorisations. Unpaid fees, missing returns and lapsed registrations led to five cancellations.
- Half-year totals are concentrated. Nine fines worth 16,842,723 pounds were published between January and May, with none in June.
What Comes Next
July also closed without a fine. Read FCA Fines July 2026 for the EFG censure and the month's cancellations. The year to date is in the FCA fines 2026 topic hub, and each notice can be opened through RegActions search.
About the Data
Figures come from the FCA's published Final Notices and its 2026 fines page, checked on 6 November 2026. The voluntary payment and the penalty the FCA would otherwise have imposed on CACEIS UK are quoted from the Final Notice and are not fines. Fine counts and values for January to May are RegActions' stored totals, each matched to the FCA's fines page. Notice dates are those stated in each notice; where a notice carries no date, the publication date is used.