11 Dec 2018
There has been a huge fall in the value of fines issued by the Financial Conduct Authority (FCA), with new figures showing a drop of 88% in a year.
An analysis of the FCA’s enforcement database shows that fines handed down by the regulator so far this year (data accurate as of 7 December) fell to £27.6m, down from £229.5m in 2017, according to law firm Clyde & Co.
Fines levied against individuals this year made up £1.3m, while those against companies totalled £26.3m, the study showed.
Charles Kuhn, partner at Clyde & Co, said: “The sharp drop in the value of fines over the last year does not paint the full picture. Last year there were a number of record-breaking fines against companies that somewhat skewed the figures.”
“Deutsche Bank’s £163m penalty in January 2017 was an FCA record for money laundering failures. Similarly, Rio Tinto was given a £27m fine in October 2017 for listing-rules breaches, another record,” Clyde & Co. said.
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