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FCA fines soar 43% in 2013 as regulator bites back

Your Mortgage
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Your Mortgage
Posted:
Updated:
11/12/2013

Fines levied by the regulator against the financial services industry soared by almost 50% this year, as the tougher stance of the new Financial Conduct Authority (FCA) left its mark.

A raft of high profile names have been put in the frame since the FCA took over the regulatory reins in April, including Clydesdale Bank, Royal Bank of Scotland, Lloyds and the Co-operative Bank.

The total amount of fines under the FCA is £444.2m. Add to this the swansong of fines levied by the outgoing Financial Services Authority (FSA) in the first three months of the year – £1.9m – and the total for 2013 is £446.1m.

This compares to £311.5m under the FSA in 2012 – a 43% increase in a year.


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