The get-tough attitude of the FSA in response to the credit crunch has produced a second successive year of record breaking fines.
In the last financial year the City watchdog, which faces abolition under a Conservative Government, levied fines totalling £33.1m, up 21% on the previous year.
Research by City law firm Reynolds Porter Chamberlain found that the FSA handed down eight £1m plus fines in the year to March 31 - worth £27.5m in total - 32% higher than the year before, with the average fine also up 59% to £788,571. FULL STORY...
PROPOSED NEW EU INSOLVENCY rules for insurers would prevent Equitable Life handing back "at least £100m" to its policyholders, its chief executive said.
Chris Wiscarson said that the new rules - Solvency II - would force Equitable to hold much more capital in reserve to cover the risk of its investments turning sour, writes the Times.
The British mutual manages nearly £6bn on behalf of about 400,000 policyholders. Most of its funds, almost £4.75bn, are invested in debt and other fixed-income securities, which stand to be most affected by the new solvency rules. FULL STORY...
£300bn of liabilities
View from the front row
Transfer from occupational scheme
Appointed by FCA and PSR boards