U.K. Regulator Imposes Record Fine Total Against Individuals
11 Jul 2019

The U.K’s Financial Conduct Authority issued the largest total amount in fines against individuals during the 2019 fiscal year, the regulator said in its annual report published Tuesday.

The FCA imposed £80.2 million in fines against eight individuals during the fiscal year ending March 31, compared with about £900,000 in fines against 10 individuals during the previous year, according to the report. Overall, the FCA imposed about £227.3 million ($284 million) in fines last fiscal year, more than three times the total during the previous year.

The record comes as the U.K.’s lead financial regulator, established in 2013, focuses more on criminal cases and opens more investigations into entities and individuals, said Chris Warren-Smith, a partner at law firm Morgan Lewis & Bockius LLP in London.

“They’re increasing enforcement on retail conduct and financial crimes,” Mr. Warren-Smith said. “They are also working with [the Securities and Exchange Commission] and other agencies.”

By Mengqi Sun, The Wall Street Journal, 9 July 2019

Read more at The Wall Street Journal

Read more:

FCA to Weigh Use of Prosecutorial Powers in AML Cases: Enforcement Director

Closer Look: Standard Chartered’s $1.1 Billion Settlement

FCA Turning to ‘Machine Learning’ Techniques to Identify Misconduct

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