Mortgage News
Record fines handed down by ‘tough’ FSA – papers
The get-tough attitude of the FSA in response to the credit crunch has produced a second successive year of record breaking fines.
In the last financial year the City watchdog, which faces abolition under a Conservative Government, levied fines totalling £33.1m, up 21% on the previous year.
Research by City law firm Reynolds Porter Chamberlain found that the FSA handed down eight £1m plus fines in the year to March 31 – worth £27.5m in total – 32% higher than the year before, with the average fine also up 59% to £788,571. FULL STORY…
