Financial Services Authority levies record £34.8m in fines

Dec 22 2009 Huddersfield Daily Examiner

THE City watchdog handed out a record £34.8m worth of fines during 2009, it has emerged.

The fines levied on firms by the Financial Services Authority for breaching its rules were 53% higher than in 2008, according to City law firm Reynolds Porter Chamberlain.

The average fine per company was £891,000 – up by 97% on the 2008 figure of £453,000 – while there were eight £1m fines made against financial services firms this year.

Despite the increase in the overall value of the fines, the number of fines was fell to 39 from 50 last year.