UK regulatory penalties to banks reach 'staggering' levels

Recently formed FCA ramps up level of fines compared with predecessor, FSA

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The first year of the UK Financial Conduct Authority's existence as a separate regulator saw it break records for the total fines and penalties it imposed on the country's financial sector. Since its creation on April 1, 2013, the total has reached £421 million, £87 million in the first three months of 2014 alone, according to research from Wolters Kluwer Financial Services.

The regulator, and its counterpart the Prudential Regulation Authority (PRA), succeeded the Financial Services Authority (

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