Shell committed ‘unprecedented misconduct’

Shell committed 'unprecedented misconduct'

Shell's 'unprecedented misconduct' in relation to misstating its oil reserves led to the record-breaking £17m fine by the FSA, the regulator has today confirmed.

Link: Shell pays huge penalties to regulators

A number of factors made Shell’s abuse of the market ‘particularly serious’, according to the regulator’s findings.

This included the false announcements made about the levels of its oil reserves, despite warnings that its figures were ‘false or misleading’.

Andrew Procter, director of enforcement at the FSA, said: ‘The FSA views timely and accurate disclosure to shareholders and markets as fundamental to maintaining the integrity of the UK’s financial markets. The size of the penalty in this case reflects the seriousness of Shell’s misconduct and the impact it had on markets and shareholders.

‘The swift resolution of this case was made possible by the excellent co-operation the FSA has enjoyed with the Securities and Exchange Commission.’

Shell has co-operated fully with the FSA’s investigation, said the regulator, and this is ‘reflected in the size of the penalty which would have been significantly higher were it not for the company’s efforts’.

Although the FSA’s investigation into the Shell’s misconduct is now closed, investigations into other aspects of this matter are ongoing.

Share

Subscribe to get your daily business insights

Resources & Whitepapers

Why Professional Services Firms Should Ditch Folders and Embrace Metadata
Professional Services

Why Professional Services Firms Should Ditch Folders and Embrace Metadata

3y

Why Professional Services Firms Should Ditch Folde...

In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...

View resource
2 Vital keys to Remaining Competitive for Professional Services Firms

2 Vital keys to Remaining Competitive for Professional Services Firms

3y

2 Vital keys to Remaining Competitive for Professi...

In recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...

View resource
Turn Accounts Payable into a value-engine
Accounting Firms

Turn Accounts Payable into a value-engine

3y

Turn Accounts Payable into a value-engine

In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

View resource
Digital Links: A guide to MTD in 2021
Making Tax Digital

Digital Links: A guide to MTD in 2021

3y

Digital Links: A guide to MTD in 2021

The first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...

View resource