FCA fines plunge from £905m last year to £20m in 2016

APFA called for redistribution of fines to cover compensation cost

Carmen Reichman
clock • 2 min read

Fines handed out by the Financial Conduct Authority (FCA) in 2016 have seen a dramatic fall this year compared to last, as fewer banks appeared on the regulator's hit list.

In the first half year of 2016, the FCA dished out a total of £20m worth of fines to 14 recipients, compared with £905m (40 fines) in the whole of 2015 and £1.4bn (40 fines) in the year before. The only adviser fined this year was former Towry adviser Mark Taylor, who was found to have engaged in market abuse during its takeover negotiations with Ashcourt Rowan. Taylor was fined £36,285 in May and banned for a period of at least two years. He had bought shares in Ashcourt Rowan off the back of inside information accidentally provided to him in his role at Towry. Wealth manager W H ...

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

Targeted support regime welcome but rules need 'adjustments'

Targeted support regime welcome but rules need 'adjustments'

Advisers, providers and trade bodies call for clarity as consultation closes

Sahar Nazir
clock 29 August 2025 • 4 min read
SMCR reform needs efficiency without sacrificing accountability

SMCR reform needs efficiency without sacrificing accountability

'If we lose sight of the SMCR's fundamental purpose we risk undoing years of progress'

Shaun Hurst
clock 28 August 2025 • 4 min read
FCA impersonation scam reports hit almost 5,000 in six months

FCA impersonation scam reports hit almost 5,000 in six months

480 victims defrauded

Cristian Angeloni
clock 27 August 2025 • 1 min read