2011 could be record breaking year for FSA fines according to Wolters Kluwer Financial Services

1 December 2011

November 2011 has been an extraordinarily busy month for the FSA not only with regards to FSA enforcement action but also with regard to the issuance of regulatory papers mainly as a result of further consultation and policy regarding the Retail Distribution Review and Solvency II. In total we have seen 12 regulatory papers for the month made up of five consultation papers, three policy statements, three guidance consultations and one finalized guidance paper ensuring the compliance departments across the industry are well and truly kept busy as we near the end of the year.

When looking at enforcement actions taken during November 2011 we see that the FSA has in fact issued eight financial penalties totaling £12,727,374.00 making November the second largest month for fines this year and reinforcing the regulators view that it is still taking breaches of its rules very seriously indeed. In fact during November the FSA issued ten Final Notices in total of which eight (80 percent) resulted in financial penalties clearly driving home the message that the regulator is still not giving up the fight to meet its statutory obligations.

In addition with only one month to go the 2010 record fines total of £89 million is still not safe in the record books even though 2011 is lagging behind at £51 million. It would only take a couple of serious fines such as those seen earlier in November to put the record breaking figure firmly under threat.”

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development