UK fines increase as FSA ditches soft approach
The UK FSA can no longer be accused of taking a softly, softly approach to enforcement. In the harsh new world of City regulation, credible deterrence is the main theme, and the FSA is hitting banks and individuals where it hurts with larger fines than ever before
The record-breaking fine of £33 million levied against JP Morgan by the UK Financial Services Authority (FSA) last year for failing to properly segregate client money sent out a clear message: the FSA’s Enforcement Division was determined to clamp down on regulatory breaches and market abuse, and to intensify changes in the City’s self-regulation.
The figures speak for themselves. FSA fines rose from £35 million in 2009 to a total of £89.3 million in 2010. Fines for 2011 by March had already
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