The Financial Services Authority (FSA) is due to report today that the average size of its fines in the past year rose 23% to £216,800 as it sought to deter wrongdoing with high-profile enforcement actions reports the Financial Times.
The paper claims FSA officials say the regulator has won grudging respect from many of the businesses it regulates. But they want to use bigger fines to ensure the FSA's enforcement arm inspires a greater degree of dread in the City. In spite of the rising penalty rates, which will be confirmed when the regulator's annual report is released today, some financial services groups shrug them off as a cost of business. The FSA levied fines of £3.5m on 16 individuals or companies in the year to the end of March, compared with fines of £5.3m for 30 individuals or companies in the previous 12 mo...
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