FSA fines up 300% since January

clock

FSA fines have increased by over 300% during the past year as the regulator cracks down on firms, research shows.

A study by BDO Stoy Hayward found October alone saw more fines levied than in the whole of 2007. Fines have rocketed from just £5.3m in 2007 to £20.5m at the end of October 2008, a 287% rise. The addition of AWD Chase de Vere's £1.1m fine this week brings the total for 2008 to £21.6m, up 307% in less than twelve months. The FSA imposed £7.2m worth of fines in October, more than all fines in 2007 combined, though much of this is accounted for by Alliance & Leicester's record PPI fine. "The penalties being levied by the FSA continue to increase as they take a tougher stance on enforcem...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

'Don't think of consolidation as the end of independent advice. It isn't'

'Don't think of consolidation as the end of independent advice. It isn't'

Continuity before everything else

Tom Rowe-Jones
clock 02 September 2026 • 5 min read
SENDA calls on profession to share how it supports families with disabilities

SENDA calls on profession to share how it supports families with disabilities

Part of white paper launching in November

Isabel Baxter
clock 02 September 2026 • 2 min read
Plannex memberships boosted by 'out of the blue' Reddit influx

Plannex memberships boosted by 'out of the blue' Reddit influx

Without spending a penny on the social media platform

Isabel Baxter
clock 01 September 2026 • 5 min read