FSA handed out £34.8m in fines
Share
The Financial Services Authority dished out a record £34.8m in fines in 2009, research from city law firm Reynolds Porter Chamberlain shows.
The value of fines handed down by the FSA this year jumped 53% compared with 2008. The average fine handed down in 2009 was £891,000,
up 97% on 2008 when it was £453,000.
The average fine against individuals jumped 60% to £70,303 in 2009 up from £43,854 in 2008.
Steven Francis, partner in RPC’s Financial Services team, says: “The FSA is playing to different audiences and unfortunately for financial services companies most of them want the FSA to punish the sector.”
He says the FSA’s rules are so complex that even firms with strong compliance cultures can suffer at the hands of the new get tough approach.
If you enjoyed this article, sign up here to receive daily email updates from Mortgage Strategy and Follow @mortgagestrat
