UK fines increase as FSA ditches soft approach

No more Mr Nice Guy

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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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