FCA fines hit six-year high

Due to four high value fines

Elliot Gulliver-Needham
clock • 1 min read

The value of fines issued by the Financial Conduct Authority has increased nearly fourfold to £577m, reaching a six-year high, research by law firm RPC shows.

The increase in the value of fines was largely due to four large fines worth well over £50m issued this year, compared to just one fine over £50m issued last year. The largest fine of £265m was imposed on NatWest for failing to comply with anti-money laundering measures. HSBC received a £64m fine for a similar reason. Credit Suisse was also fined nearly £150m for failures in its anti-bribery controls, while Lloyds Bank was fined £90m for treating consumers unfairly in the renewal of their home insurance. The number of fines also increased by 57% in the last year, from seven to 11. ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

Survival of the fittest: Certification regime under the spotlight

Survival of the fittest: Certification regime under the spotlight

Has been described as overly complicated and prescriptive

Sandy McGregor
clock 06 January 2025 • 5 min read
FCA acknowledges investment trust platform clash and proposes changes in call for wider CCI input

FCA acknowledges investment trust platform clash and proposes changes in call for wider CCI input

Final rules outlined in 2025

Eve Maddock-Jones
clock 19 December 2024 • 6 min read
WealthTek boss John Dance charged with £64m fraud and money laundering

WealthTek boss John Dance charged with £64m fraud and money laundering

‘One of the most serious and largest frauds’ ever investigated by FCA

Jenna Brown
clock 19 December 2024 • 2 min read