FinesFSMA
Mako Financial Markets Partnership LLP
FRN 23115717 February 2025Fine · £1,662,700
01 · In plain English
What happened.
The FCA fined Mako Financial Markets Partnership LLP £1,662,700 after finding that between 16 December 2013 and 16 November 2015 the firm did not have, and did not adequately apply, policies and procedures to identify and address the risk of being used to facilitate financial crime and money laundering in relation to business introduced by the Solo Group. The regulator concluded Mako breached Principle 2 (firms must act with due skill, care and diligence) and Principle 3 (firms must take reasonable care to organise and control their affairs responsibly and effectively). Mako agreed to resolve all issues of fact and liability; the FCA's action took effect on 17 February 2025 and is set out in the Final Notice linked below.
Summary generated from the FCA notice and press reports. Check the final notice below before relying on it.
02 · Enforcement details
What the FCA register says.
The Financial Conduct Authority (the FCA) has imposed a financial penalty of £1,662,700 on Mako Financial Markets Partnership LLP (Mako). The reason for this action is because the FCA considers that during the period between 16 December 2013 and 16 November 2015 Mako breached Principles 2 and 3 by failing to ensure it had adequate policies and procedures to identify and address the risk of being used to facilitate financial crime and money laundering in relation to business introduced to it by the Solo Group. It also failed to adequately apply the policies and procedures it did have in place. Mako agreed to resolve all issues of fact and liability for the breaches. The FCA's action took effect on 17 February 2025 and a copy of the Final Notice, which sets out the reason for the action, is displayed on the FCA's website and can be accessed using the following link:
03 · Firm details
Firm on the FCA register.
- Firm name
- Mako Financial Markets Partnership LLP
- Firm reference number
- 231157
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