Julius Baer Issues Statement Regarding FCA's Final Notice; Apologises For Shortcomings

Julius Baer International (UK) (JBARF.PK,JBAXY.PK) confirmed that it accepted the decision set out in the Final Notice published by the Financial Conduct Authority. JBI has paid a fine in the amount of 18.0 million pounds. The company noted that the FCA's criticism of individuals was limited to three former employees.

David Durlacher, CEO of Julius Baer International, said: "We deeply regret the serious failings and apologise for the shortcomings that occurred at JBI between 2009 and 2014. We have taken full responsibility for these historical failings and made complete restitution to our client."

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