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...
Went into administration April 2018
Threat of legal action looms over Woodford IM
View from the front row
Retirement Planner Forum 2019