FSA fines near £100m in watchdog's final year
Monday 11 April 2011
Britain's chief City regulator fined financial services groups almost £100m in its last year in operation, three times as much as in the previous 12 months.
The Financial Services Authority (FSA) doled out fines totalling £96.7m during the 2010-11 financial year, compared with £33.6m in 2009-10. The penalties included 15 fines of £1m or more, twice as many as in the previous year.
The FSA is shortly to be broken up, with its duties on regulation of the largest banks and other systemic risks hived off to a new body, the Prudential Regulation Authority. It will then be renamed the Financial Conduct Authority (FCA), and will continue to police the provision of many financial services.
However, the reorganisation is unlikely to offer the financial services sector any reprieve, according to a leading City law firm. Reynolds Porter Chamberlain have warned that, not only would all but one of last year's fines have fallen under the remit of the FCA had it been in operation, but that the new rules were likely to prompt an acceleration of the trend towards large penalties.
- 1 I was a Woman Against Feminism too
- 2 Is Gideon Levy the most hated man in Israel or just the most heroic?
- 3 Chief Ebola doctor in Sierra Leone has contracted the deadly disease himself
- 4 Students offered grants if they tweet pro-Israeli propaganda
- 5 Israel has discovered that it's no longer so easy to get away with murder in the age of social media
Lana Del Rey: 'I have slept with a lot of guys in the industry'
Vladimir Putin employs a full-time food taster to ensure his meals aren't poisoned
Chief Ebola doctor in Sierra Leone has contracted the deadly disease himself
Students offered grants if they tweet pro-Israeli propaganda
Israel-Gaza conflict: Israel may have committed war crimes, says UN human rights chief
Malaysia Airlines MH17 crash: Vladimir Putin is given 'one last chance' to end hostilities in Ukraine
The 'scroungers’ fight back: The welfare claimants battling to alter stereotypes
The truth about conspiracy theories is that some require considering
Malaysia Airlines MH17 crash: Ukrainian military jet was flying close to passenger plane before it was shot down, says Russian officer
Malaysia Airlines MH17 crash: Massive rise in sale of British arms to Russia
Malaysia Airlines MH17 crash: victims’ bodies bundled in black bags and loaded onto trains
iJobs Money & Business
£350 - £400 per day: Orgtel: PMO Analyst - Banking - London - £350 -£400 per d...
£300 - £350 per day + competitive: Orgtel: Cost Reporting Manager - MI Packs -...
£35000 - £40000 Per Annum plus 23 days holiday and pension scheme: Clearwater ...
£475 - £525 per day: Orgtel: Test Lead, London, Investment Banking, Technical ...