Regulatory enforcement is not just about increasing the size and frequency of fines, but about the industry forcing better behaviours by shunning wrongdoers, Financial Conduct Authority (FCA) enforcement director Tracey McDermott has said.
She said 2014 had been a record year with billions collected in fines and 20 people being banned, but added there is "not an expectation" at the FCA to impose larger or more frequent fines next year. Enforcement is a "vital" tool for the regulator to generate better behaviours across the industry, said McDermott, but the most important element will be to achieve a change in culture so that firms can look back and learn from others' mistakes. Speaking at the FCA's Enforcement Conference, McDermott said the regulator had "seen efforts including firm's willingness to own up to their past...
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