FCA delivers £334m of redress from financial services firms in 2015/16

Annual report also acknowledges ‘significant implications' of Brexit vote

clock • 2 min read

The Financial Conduct Authority (FCA) worked with the industry in 2015/16 to put in place 23 redress schemes, which the regulator expects should ultimately deliver £334m to tens of thousands of customers.

According to its third annual report, published today, the FCA also issued 17 fines against individuals totalling £4.2m over the year, as well as banning 24 people and seeing jail sentences totalling 32 years and nine months' imprisonment handed down to those it prosecuted. There were also eight criminal convictions for unauthorised business. Principal areas in which the FCA worked to secure redress for customers of financial services firms were payment protection insurance, high-cost short-term credit, card protection mis-selling and interest rate hedging products. Tracy McDermott, p...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

Trade bodies call for chancellor to stop FCA public enforcement

Trade bodies call for chancellor to stop FCA public enforcement

‘Proposals to publicise investigations are a worrying development’

Isabel Baxter
clock 29 April 2024 • 2 min read
SDR extension plans will ensure 'uniform standard' for portfolios

SDR extension plans will ensure 'uniform standard' for portfolios

'Retail-focused firms are also facing a short timeline to prepare'

Cristian Angeloni
clock 24 April 2024 • 4 min read
FCA proposes advisers and platforms 'must' communicate SDR labels

FCA proposes advisers and platforms 'must' communicate SDR labels

Distributors also must provide access to consumer-facing disclosures

Isabel Baxter
clock 23 April 2024 • 1 min read