British firms fined over GBP500m by FCA in 2013, says Kinetic Partners
The Financial Conduct Authority (FCA) penalised British firms a total of GBP506.94m (USD770m) in 2013, according to research from Kinetic Partners.
The penalties handed down by FCA to individuals totalled GBP5.42m (USD8.23m) in 2013.
While the amount fined to individuals only accounted for slightly more than one per cent, the number of fines that the FCA brought against individuals (20) accounted for 44 per cent of the total number of cases during the same period.
Nick Matthews, senior member of forensic and corporate recovery practice at Kinetic Partners,
says: “Our research shows that British firms continue to be fined and demonstrates the increasingly tough stance that regulators are taking against financial services firms. Regulators have certainly publicised their efforts to increase enforcement activity and deter negligent or harmful behaviour.
“For those working in financial services firms with oversight responsibilities, ensuring you have done everything you can to mitigate the risk is becoming ever more important.”