FCA stings industry firms with £500m payout
It has been revealed that British firms have been fined over £500 million by the Financial Conduct Authority last year, where regulators are expected to increase penalty action against individuals…
It has been revealed that British firms have been fined over £500 million by the Financial Conduct Authority last year, where regulators are expected to increase penalty action against individuals…
The research by global professional service firm, Kinetic Partners, showed that in 2013, penalties handed down by the regulatory body totalled £506.94 million.
Those paid out by individuals, rather than whole firms, was just over one per cent of the total, at £5.42 million.
Commenting on the results, Nick Matthews, Senior Member of the Forensic and Corporate Recovery Practice at Kinetic Partners, said: “Our research shows that British firms continue to be fined and demonstrates the increasingly tough stance that regulators are taking against financial services firms.
“Regulators have certainly publicised their efforts to increase enforcement activity and deter negligent or harmful behaviour.”
Nick added: “For those working in financial service firms with oversight responsibilities, ensuring you have done everything you can to mitigate the risk is becoming ever more important.”
The FCA stated it will fine firms or individuals if they find satisfactory evidence that the accused has breached the rules of the regulator, or has committed market abuse.
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