FCA fines hit six-year high

Due to four high value fines

Elliot Gulliver-Needham
clock • 1 min read

The value of fines issued by the Financial Conduct Authority has increased nearly fourfold to £577m, reaching a six-year high, research by law firm RPC shows.

The increase in the value of fines was largely due to four large fines worth well over £50m issued this year, compared to just one fine over £50m issued last year. The largest fine of £265m was imposed on NatWest for failing to comply with anti-money laundering measures. HSBC received a £64m fine for a similar reason. Credit Suisse was also fined nearly £150m for failures in its anti-bribery controls, while Lloyds Bank was fined £90m for treating consumers unfairly in the renewal of their home insurance. The number of fines also increased by 57% in the last year, from seven to 11. ...

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

FCA capital redress expectations: The road ahead for advisers

FCA capital redress expectations: The road ahead for advisers

What’s expected of advisers and the timelines to work to

Linda Gibson
clock 29 April 2024 • 4 min read
FCA dismisses British Steel complaints after lengthy investigation

FCA dismisses British Steel complaints after lengthy investigation

Regulator acknowledges decision will be ‘disappointing’ for complainants

Jenna Brown
clock 22 April 2024 • 2 min read
Agile IT needed as rapid regulation change becomes the norm

Agile IT needed as rapid regulation change becomes the norm

'Gone are the lengthy consultation and rule-setting cycles that often took several years'

Paul Muir
clock 15 April 2024 • 6 min read