The Financial Services Authority handed out fines totalling more than £400m in the last year before it was overhauled, a huge jump from previous years amid mammoth fines for banks over LIBOR failings.
Figures released today revealed fines from the FSA - which has since been transformed into the Financial Conduct Authority (FCA) - totalled £423.2m in 2012/13.
It is a huge increase from previous years, with fines for 2011/12 totalling just £76.4m. In percentage terms, the value of the fines has increased by around 450%.
The year's big fines included penalties for the country's major banks for their role in LIBOR rigging, as well as UBS' £29.7m fine over the unauthorised trading of employee Kweku Adoboli.
Retail firms were hit with fines totalling £96.8m in the 2012/13 year, before the FSA became the FCA. The regulator also banned 24 individuals, publicly censured 12 firms, and cancelled a number of Part IV Permissions.
Fines were given out for failings relating to a number of products, including UCIS, low-cost insurance and payment protection insurance.
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