News That Matters

Tag: fine

Record $120m fine for nuisance robocalls

Record $120m fine for nuisance robocalls

Technology
A man has been fined a record-breaking $ 120m (£88m) for making more than 90 million automated marketing telephone calls in the US.Miami salesman Adrian Abramovich was accused of trying to sell holidays and timeshare properties with the unsolicited robocalls.The fine is the largest the Federal Communications Commission (FCC) has ever issued.Mr Abramovich said he had not intended to "defraud or cause harm".But FCC chairman Ajit Pai said in a statement that the defence "isn't very convincing"."Mr Abramovich doesn't dispute that he was responsible for placing 96,758,223 robocalls during a three-month period in 2016," he said."He doesn't dispute that all these robocalls were made without the recipients' consent." ...
Watchdogs to fine Barclays boss over whistleblower

Watchdogs to fine Barclays boss over whistleblower

Business
UK financial regulators plan to fine Barclays chief executive Jes Staley over attempts to uncover the author of an anonymous letter.The Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) opened an investigation in 2017 looking at Mr Staley's alleged attempt to unmask an employee who wrote a letter raising concerns about the recruitment of a senior employee.According to Barclays, regulators have found Mr Staley's actions represented a breach of individual conduct rules that relates to a "requirement to act with due skill, care and, diligence"."Each have proposed that he pay a financial penalty," Barclays said."The FCA and PRA are not alleging that he acted with a lack of integrity or that he lacks fitness and propriety to continue to perform his role as Group Chief ...
Treasury in US talks to speed up huge RBS fine

Treasury in US talks to speed up huge RBS fine

Business
The Treasury has held secret talks with‎ US officials aimed at accelerating a multibillion fine for Royal Bank of Scotland (RBS) that would finally draw a line under its pre-bailout misconduct.Sky News has learnt that officials from the Treasury were due to discuss earlier this week the progress of settlement negotiations between RBS‎ and the Department of Justice (DoJ) over the mis-selling of residential mortgage-backed securities (RMBS).The talks were scheduled just days before the state-backed lender is expected to report its tenth consecutive annual loss - depending upon whether it takes another big charge for the impending DoJ fine.A senior City insider said this weekend that discussions between the Treasury and US officials were aimed at expediting a final penalty for the bank, which
MP: Fine facebook for prescription drugs sites

MP: Fine facebook for prescription drugs sites

Technology
Facebook should be fined if it doesn't take down illegal and inappropriate material, the chair of a parliamentary committee has told Sky News.Damian Collins MP, chair of the digital, culture, media and sport committee, said that a Sky News investigation into the illegal sale of prescription drugs on Facebook was "incredibly serious".Mr Collins told Sky News: "There should be an obligation for these companies to act against that sort of content and material."And if they refuse to do that or simply don't have the resources in place to do it - and no one can believe that companies like Facebook can't afford to have the resources in place to combat this material - then I think we should look at the idea of some sort of fines for companies failing to act."The Sky News investigation revealed doz...
EU hits Google with $2.7B fine for abusing weaker rivals

EU hits Google with $2.7B fine for abusing weaker rivals

Technology
European regulators fined Google a record 2.42 billion euros ($ 2.72 billion) for abusing its dominance of the online search market in a case that could be just the opening salvo in Europe's attempt to curb the company's clout on that continent. The decision announced Tuesday by the European Commission punished Google for unfairly favoring its own online shopping recommendations in its search results. The commission is also conducting at least two other probes into the company's business practices that could force Google to make even more changes in the way it bundles services on mobile devices and sells digital advertising. Even so, Europe's crackdown is unlikely to affect Google's products in the U.S. or elsewhere. But it could provide an opportunity to contrast how consumers fare when ...