FCA says it handed down £216m in penalties in 2022/23

FCA reveals it is investing in technology to improve investigations

Sahar Nazir
clock • 1 min read

The Financial Conduct Authority (FCA) has imposed financial penalties of nearly £216m over the last financial year.

In a speech delivered today (1 June) by the FCA's joint executive director of enforcement and market oversight Therese Chambers, it was revealed that the watchdog will prioritise imposing "the maximum possible penalties" on firms and individuals that do not comply with regulations. Chambers said the FCA is investing in data and technology to improve its investigations. "It is already harder than ever to hide. Early detection is always more effective," she said. The regulator has secured convictions against four people for a binary option fraud and started prosecutions into alleged ...

To continue reading this article...

Join Professional Adviser

  • 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 Your profession

Rishi Sunak

Sunak's IHT removal rumour sparks cautious optimism

Prime minister ‘refuses’ to comment on government’s plans to scrap IHT

Sahar Nazir
clock 25 September 2023 • 4 min read
Timeline secures £10m funding to double £3bn AUM size

Timeline secures £10m funding to double £3bn AUM size

The MPS provider secures Series B funding for national expansion

Sahar Nazir
clock 25 September 2023 • 1 min read
Client investment value the focus of new Defaqto adviser tool

Client investment value the focus of new Defaqto adviser tool

Consumer Duty compliance central to the development of new offering

Sahar Nazir
clock 25 September 2023 • 1 min read