FSA fines "could treble" under new framework

For firms, fines will be based on up to 20% of the company's revenue from the product or business area linked to the breach over the relevant period. In non-market abuse cases, the fine will be based on up to 40% of an individual's salary and benefits, including bonuses, from their job relating to the breach. In serious market abuse cases, the minimum individual starting fine will be £100,000. The new rules will come into force on 6 March. In its policy statement ‘Enforcement Financial Penalties' the FSA says: "The imposition of harder hitting financial penalties which better re...