Hike in FSA fines

Dec 31 2010 Huddersfield Daily Examiner

FINES levied by the UK markets watchdog nearly tripled during 2010 to a record £89m – as the regulator stepped up enforcement action in the wake of the financial crisis.

The Financial Services Authority imposed the largest fines in its history on JP Morgan and Goldman Sachs, while it also banned 60 people from working in the financial sector.

The figure for penalties compares with £35m last year, but is well behind the US where fines routinely run above £300m.