FCA to review fine volume after record-breaking year

clock

The Financial Conduct Authority (FCA) is to review how and how much it fines businesses amid complaints from banks about the rise of high penalties.

Fines by the FCA have hit record levels after investigations into the alleged rigging of Libor interest rate benchmarks and the foreign exchange market. Financial services has been hit with a total of £1.39bn in penalties since April, more than three times the £425m levied in the whole of the 2013-2014 financial year, which at the time was a new high. Almost all of this year's total is attributed to the £1.1bn five banks paid to the FCA last month to settle allegations that they attempted to rig forex, one of the biggest financial markets in the world. The fines were part of more t...

To continue reading this article...

Join Professional Adviser for free

  • 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

Join

 

Already a Professional Adviser member?

Login

More on Regulation

FCA unveils open finance vision including 'tailored financial advice' help

FCA unveils open finance vision including 'tailored financial advice' help

Highlights need for ‘urgent action’ by advisers, tech expert says

Sophia Panayi
clock 14 April 2026 • 3 min read
FCA expected to align trail commission with Consumer Duty rather than 'switching off' service

FCA expected to align trail commission with Consumer Duty rather than 'switching off' service

Consultation is about ‘understanding and evidencing impact’

Sophia Panayi
clock 09 April 2026 • 4 min read
'Slow start' expected for targeted support as rules go live

'Slow start' expected for targeted support as rules go live

Royal London one of the first to get FCA approval

Sophia Panayi
clock 07 April 2026 • 4 min read