Ten times the FCA cracked down on investment firms

The creation of the Financial Conduct Authority (FCA) two years ago was deemed to represent the arrival of a much more punitive regulator from an enforcement point of view. This trend has certainly been borne out by the 'fine inflation' observed across the UK's banking sector, and indeed across financial services in general: last year alone saw the FCA issue a record £1.4bn in fines. The regulator has also been scrutinising the investment industry more closely, via a series of ongoing reviews and a more comprehensive monitoring regime. But has this translated into more frequent, hi...