Financial Services Industry
Industry: Email Alert RSS Feed'Aggressive' FSA's fines at record levels, says law firm.
Investment Adviser, June, 2009
Byline: Gemma Westacott
The value of fines handed down by the FSA in the year to March 31 has jumped a staggering 514 per cent to a record GBP27.3m.
According to figures published last week by City law firm Reynolds Porter Chamberlain (RPC), the number of fines handed down by the regulator also leapt to a record 55 over the 12-month period.
The City watchdog also prohibited 46 individuals or firms from carrying out regulated activity, more than in all previous years put together.
Jonathan Davies, regulatory partner at RPC, said: "The FSA has been under significant public and political pressure this year for failing to foresee problems with failing banks and financial institutions. It has reacted to criticism by instituting a...
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