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

Third party prevents final notices

The Financial Conduct Authority has issued fines of £9.1m and £230,037 to GAM International Management and Tim Haywood respectively, along with a warning notice to each party.

This censure comes more than three years after Haywood 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. Tim Haywood vows to 'clear his name' after GAM's misconduct allegations In a personal statement Tim Haywood said he was "glad to resolve this matter" and "truly sorry for the mistakes". "I respect the findings of the authority who have undertaken an ext...