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.
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.
Some 97% of the £943m in fines collected by the financial regulator between 2010 and 2013 came from settlements, according to research from law firm Freshfields.
The Financial Conduct Authority (FCA) has fined a former senior J.P. Morgan banker £450,000 after he disclosed inside information to contacts.
The Financial Conduct Authority (FCA) spent more than £3m on legal representation in its first nine months in office, according to information published on 3 July.
Wonga is to pay more than £2.6m to around 45,000 customers for "unfair and misleading" debt collection practices following an investigation by the regulator.
US investment banking giant J.P. Morgan Chase has agreed a mammoth $13bn (£8bn) settlement in relation to sales of residential mortgage-backed securities which contributed to the financial crisis.
Firms must learn from the mistakes of their peers to avoid falling foul of the regulator's rules and its increasing willingness to dish out large fines, a consultancy has warned.
The Financial Conduct Authority (FCA) has fined Clydesdale Bank (Clydesdale) £8.9m for failing to inform its customers clearly of their rights after the bank miscalculated the repayments on over 42,500 mortgages.