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Reckitt Benckiser hit with £540k FCA fine

The FCA has fined Reckitt Benckiser Group £539,800 for systems and controls failings which meant it was unable to monitor share-dealing by its senior executives in its own shares.

The regulator says weaknesses in the consumer goods firm’s systems and controls between July 2005 and October 2012 were compounded by inadequate records and training and left the company “unable to properly monitor share dealings made on behalf of its senior executives by third parties”.

The regulator says the failure “contributed to late and incomplete disclosure to the market of share dealings by two senior executives”.

FCA acting director of enforcement and market insight Georgina Philippou says: “Clear and timely disclosure of share dealings is an important way of ensuring that markets are fair and are seen to be fair.

“RB failed on a number of counts in relation to share dealing by two of its senior executives over a number of years. The FCA expects all listed companies to learn the lessons from this case and to ensure they have the right controls and training in place.”

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  1. Weren’t “systems and controls failings” at the heart of the FCA’s botched handling of its planned review into legacy pension plans? No fines there, we note. Rather, an expenditure of £2m+ (as usual, all OPM of course) on a review to document what everybody already knew. Hell, Clive Adamson is even being REWARDED with 6 months fully paid gardening leave and the FCA would have us believe that his resignation was entirely unconnected and merely coincidental with this latest train crash. Yeah, right, and I can run 200m in under 20 seconds.

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