Dawn raids conducted by the Financial Conduct Authority (FCA) have fallen by four-fifths from the mid-crisis-high in 2009, with only seven being carried out in 2016, according to research from law firm RPC.
Compared to the 37 dawn raids that took place in 2009, the number has fallen close to a 2007 pre-crisis low of just four. RPC also found that FCA fines fell significantly last year, from £905m in 2015 to just £22m. Despite this and the decline in dawn raids, which involve cooperation with police in order to obtain evidence and can lead to arrest, RPC partner Richard Burger said this is not a sign the FCA is no longer tough on financial crime. "Some commentators are reading too much into the 97% drop in FCA fines last year, but the FCA has not gone soft on proactive enforcement act...
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