Are you in compliance?

Don't miss out! Sign up today for our weekly newsletters and stay abreast of important GRC-related information and news.


Status message

Start your free, no obligation 5-day trial to continue exploring with full access.

FSA Plans to Treble Fines

Global Glimpses | July 9, 2009

Financial firms that fall foul of the U.K’s lead regulator face a three-fold increase in fines under its plan to get tougher with wrongdoers.

The Financial Services Authority (FSA), which said recently it wanted firms to be more frightened by its enforcement powers, said its proposed new penalty regime reflected its determination to change behavior.

The regulator said it was responding to concerns that financial institutions were repeatedly failing to raise their standards and comply with its regulations on mis-selling products to consumers and market misconduct. It wants to ensure that fines better reflect the scale of the wrongdoing and that any profits made are clawed back.

Under the new penalty regime, the regulator would change the way it calculates the size of a fine. A firm could be fined...

Read this single article for $49, or click the subscribe button below to review subscription options.

Enjoy unlimited access to thousands of articles, browse five years of digital magazines, qualify for reduced admission to events, and more.