FSA began 'aggressive' fining before crunch

According to Reynolds Porter Chamberlain LLP (RPC), it is often more than a year between the discovery of wrongdoing and the publication of the FSA's 'final notice', which details its enforcement action. It therefore says a 514% increase in the value of fines for 2008/9 will largely relate to actions taken before the onset of the recession, a City law firm says. "Most of the fines handed down in 2008/9 were for activity that took place before the financial crisis really hit home," RPC regulatory partner Jonathan Davies says. "Any enforcement activity against financial institutions or ...