The FSA handed out heavier fines to fewer firms in 2009, figures show.
According to law firm Reynolds Porter Chamberlain (RPC), the FSA fined 39 firms a total of £34.8m this year. This compares with 50 fines in 2008 worth £22.6m. RPC says 2009 saw eight companies fined £1m or more. The average fine handed down by the FSA in 2009 was £891,000, up 97% on 2008 when it was £453,000. The average fine against individuals jumped 60% to £70,303 in 2009, up from £43,854 the previous year. Steven Francis, partner in RPC's financial services team, says: "The FSA is playing to many different audiences and unfortunately for financial services companies most of...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- 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
