Firms must learn from the mistakes of their peers to avoid falling foul of the regulator's rules and its increasing willingness to dish out large fines, a consultancy has warned.
The Consulting Consortium (TCC) said that the Financial Conduct Authority (FCA) has been demonstrating clearly over the past six months that they will be holding firms and individuals to account for their actions. Firms should therefore take the opportunity to learn from the mistakes of others to avoid getting fined themselves. In the past six months the FCA has dished out at least 24 fines to 11 individuals and 13 firms totaling almost £202m. The regulator fined individuals a total of £2.7m, while firms were asked to hand over around £199.3m. TCC head of policy Rebecca Prestage sa...
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