The UK’s FCA is unlikely to match its record fine year of 2014
New data from Wolters Kluwer Financial Services shows that the UK’s Financial Conduct Authority (FCA) is unlikely to match the record level of financial penalties levied last year. The total value of penalties issued this year, up to and including 28 September 2015, is approximately £827 million. This represents 58% of total financial penalties issued in 2014 (approximately £1.5 billion), according to the risk and regulatory technology firm.
“If we take a closer look at the financial penalties issued in recent months there has been a marked slowdown in the number of penalties issued, particularly against the banking sector,” noted Mary Stevens, global regulatory analysis manager at Wolters Kluwer Financial Services in London. “It now seems unlikely that 2015 will match the record level of fines issued in 2014. This is especially the case given that the UK Chancellor of the Exchequer, George Osborne, has suggested that a ‘different approach is needed’ for the industry to ensure firms meet their regulatory objectives and obligations.”
Since the FCA was established in April 2013 approximately 93% of regulatory fines have been levied against the banking sector, the data shows.
Paul Lyon, director for Wolters Kluwer Financial Services in the EMEA region, pointed out that data is available through the company’s Regulatory Update Service offering, part of the OneSumX Regulatory Reporting solution. “The Regulatory Update Service is unique to Wolters Kluwer Financial Services and is maintained by our team of experts who actively monitor regulation in more than 50 countries around the world, ensuring the solution is up-to-date at all times, “ he added.