London, 30 November 2022 – Julius Baer International (UK) (“JBI”) confirms that it accepts the decision set out in the Final Notice published today by the Financial Conduct Authority (“FCA”). 

The Final Notice details serious failings that occurred at JBI between 2009 and 2014 in relation to a finder’s-fee arrangement for one of its clients. JBI co-operated fully with the FCA in its investigation, accepted its decision and has paid a fine in the amount of £18.0 million, as previously disclosed in the 2022 Julius Baer Group Half-Year Report.

JBI deeply regrets and apologises for the events and shortcomings that led to today’s Final Notice. As the Notice sets out, senior management at JBI informed the client in question and agreement was reached on full restitution. 

JBI also established an independent investigation into the event. This independent investigation informed the FCA’s findings and has led to significant changes to the company’s leadership, governance, systems and processes, including that JBI no longer accepts any finders’ business. 

JBI notes that the FCA’s criticism of individuals was limited to three former employees.

In response to this specific event and as a result of its continuous review of regulatory requirements and developments, JBI has introduced additional safeguards to ensure clients are fully protected. All client relationships are regularly reviewed and appropriately managed. JBI is satisfied that it now has effective compliance and risk management controls, procedures, and policies in place to detect and prevent any similar conduct.

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. Since this wrongdoing took place, we have implemented significant organisational changes. With a reformed governance structure, a new management team and a remodelled risk and compliance function, our clients can trust we will always safeguard their interests. JBI continues to move from strength-to-strength in the UK as we continue to grow. We are focused on building our capabilities to provide our clients with the specialist, bespoke services they need and value.”