Regulatory Enforcement in the UK - A Retrospective on 2015. Can the Fines Get Any Bigger?

January 04, 2016

When the UK Financial Services Authority became the Financial Conduct Authority (“FCA”) in April 2013, we were told that this would herald a tougher and more intrusive style of regulation. The FCA’s enforcement record in the last two years bears this out, with fines hitting record levels.

Total fines for 2013 were £474 million, jumping to £1,471 million in 2014 and £905 million in 2015. A large part of the 2014 figure comprised the £1,114 million of fines paid by five major banks for failures in the G10 spot foreign exchange market. Take these out of the equation and you have fines for 2014 of £357 million, down around 25%, but more than doubling in 2015.

In short, 2015 was a bumper year for fines, with the trend set to continue.

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