Finance firms hit with £560m in fraud fines since '07

The study by Ernst & Young (E&Y) said financial services companies accounted for about 70% of the fines, with a total of more than £560m worth of penalties, according to the FT. The paper said the research, collated from about 700 cases, showed fraud was most common in the mortgage industry and specialised finance sector. “It is worrying to see that the regulators have needed to step in so frequently and issue punishments of this severity,” said John Smart, a partner at E&Y. “While the results vary across different industries, firms should be mindful that these are not isolated s...