Finance
Banque Havilland's fine over Qatar bonds presentation cut by UK tribunal
Published by Global Banking and Finance Review
Posted on February 3, 2026
2 min readLast updated: February 3, 2026
Global Banking and Finance Review
Company
Published by Global Banking and Finance Review
Posted on February 3, 2026
2 min readLast updated: February 3, 2026
A UK tribunal reduced Banque Havilland's fine to £4M over a Qatar bonds presentation. The FCA highlighted serious regulatory breaches.
LONDON, Feb 3 (Reuters) - Luxembourg-based Banque Havilland on Tuesday lost an appeal against sanctions by Britain's financial watchdog over an alleged plot to devalue Qatar's currency, though a tribunal cut its fine to 4 million pounds ($5.5 million) from 10 million.
The Financial Conduct Authority said in 2023 that it had decided to fine Banque Havilland 10 million pounds for a presentation by the bank involving a plan to weaken the riyal during a regional blockade.
The FCA alleged Banque Havilland – which has since changed its name to Rangecourt – created the presentation as a means of marketing itself to Abu Dhabi sovereign wealth fund Mubadala Investment Company.
The presentation was devised amid tensions between Gulf states that began in 2017 when Saudi Arabia, the United Arab Emirates, Bahrain and Egypt imposed an economic boycott on Qatar, accusing it of supporting Islamist militants and Iran.
Banque Havilland said it never intended to execute any of the transactions in the leaked presentation, which its lawyers say was hacked and then leaked.
The bank referred the FCA's proposed fine to London's Upper Tribunal, arguing that the conduct of its staff – including former London branch CEO Edmund Rowland – could not be attributed to the bank.
The Upper Tribunal rejected that argument, saying Banque Havilland's regulatory breaches were serious and "encouraged the commission of financial crime and market misconduct". But the tribunal said a fine of 4 million pounds was appropriate.
Rowland's proposed 352,000-pound fine and financial services industry ban was upheld by the tribunal.
Steve Smart, executive director of enforcement and market oversight at the FCA, welcomed the ruling and said the bank had been "motivated by greed".
Banque Havilland and Rowland's lawyers did not immediately respond to a request for comment.
($1 = 0.7314 pounds)
(Reporting by Sam Tobin. Editing by Mark Potter)
A regulatory fine is a monetary penalty imposed by a regulatory authority on a company for violating laws or regulations.
The Financial Conduct Authority (FCA) is a regulatory body in the UK responsible for overseeing financial markets and protecting consumers.
Corporate bonds are debt securities issued by companies to raise capital, where investors receive periodic interest payments and the return of principal at maturity.
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