Financial penalties dished out to individuals in the UK dropped from £18.8m in 2016, to a post-financial crisis low of just £970,000 a year later, according to Duff & Phelps' annual Global Enforcement Review.
The compliance and regulation expert said that, in an attempt to improve conduct, global financial regulators had switched their focus from imposing large fines against firms to making individuals more accountable. In the UK, total penalty figures for firms rose from £71m in 2016 to £866m in 2017, which Duff & Phelps said could be explained by two large penalties issued by the Serious Fraud Office and Financial Conduct Authority (FCA), totalling £673.3m. Penalities against individuals dropped significantly from £18.8m to £970,000 over the same period, however, representing the lowes...
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