FSA sets record as it hands out £33m in penalties

The Financial Services Authority smashed last year’s record fines by 21% as it handed out £33.1m in penalties in 2009/10, says City law firm Reynolds Porter Chamberlain.

RPC says there were eight fines of more than £1m in 2009/10, worth £27.5m in total.

This is up 32% on the previous year which saw six large fines worth a total of £20.8m.

Steven Francis, partner in RPC’s financial services team, says: “The FSA has delivered on its promise to get tough in response to the credit crunch.

“There has been a substantial increase in the fines the FSA has imposed on financial services firms.”

RPC says the average fine handed down by the regulator last year was up 59% on the year before, rising to £788,571 from £497,455.