FCA to review fine volume after record-breaking year

clock

The Financial Conduct Authority (FCA) is to review how and how much it fines businesses amid complaints from banks about the rise of high penalties.

Fines by the FCA have hit record levels after investigations into the alleged rigging of Libor interest rate benchmarks and the foreign exchange market. Financial services has been hit with a total of £1.39bn in penalties since April, more than three times the £425m levied in the whole of the 2013-2014 financial year, which at the time was a new high. Almost all of this year's total is attributed to the £1.1bn five banks paid to the FCA last month to settle allegations that they attempted to rig forex, one of the biggest financial markets in the world. The fines were part of more t...

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

Royal London launches targeted support ISA service

Royal London launches targeted support ISA service

Available to existing customers via its app

Sophia Panayi
clock 20 April 2026 • 2 min read
Risk Warnings Review to create 'meaningful shift' in advice communication

Risk Warnings Review to create 'meaningful shift' in advice communication

Will bolster adviser confidence to use social media platforms

Sophia Panayi
clock 16 April 2026 • 5 min read
Most advice firms not planning to implement targeted support - research

Most advice firms not planning to implement targeted support - research

Firms are taking a ‘wait and see’ approach

Sophia Panayi
clock 16 April 2026 • 3 min read