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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.


Adrian Coles

Thoughts of home sweet home

Attitudes to housing tenure are changing, with a sharp fall in the number of households buying their home with a mortgage, says Adrian Coles,
director-general, the Building Societies Association

Botleys Mansion: Network Data’s prestigious HQ building had to be sold when the firm went under in 2009, taking Manchester’s £2.5m shareholding with it

Network Data flop drags down Manchester profits

Pre-tax profits at Manchester Building Society fell to £700,000 in 2009 from £2.4m in 2008 after the mutual was forced to write off a £2.5m shareholding in collapsed network Network Data. During 2008 the society disposed of its loss making subsidiary Mortgage Broking Services Limited, to Network Data Holdings in exchange for shares in the […]


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