FSA fines up 300% since January

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 enforce...