FCA issues fines to GAM and Tim Haywood over absolute return bond saga

This censure comes more than two years after Haywood (pictured) was suspended from the firm following an internal investigation into the manager's risk management procedures and record keeping. As both GAM and Haywood "agreed to resolve all issue of fact and liability", they had their penalties reduced from £13m and £319,044 respectively. The FCA noted that final notices would ordinarily be published, however a third party "who is not a subject of the final notices may be affected by them", resulting in the watchdog issuing less detailed warning notices. These outline the basis of ...