This from an annual total of £76.4m and 142 Final Notices, according to the FSA’s Enforcement Annual Performance accounts.
The FSA also returned £150m to UK consumers, including roughly £29m to HSBC customers for investment product mis-sales.
Purely, on the retail side, which covers mortgage and insurance fraud, the regulator levied fines of over £56m and banned 35 individuals.
The regulator said it was forced to begin proceedings against 12 firms all masquerading as investment firms perpetrating share fraud, land banking and ‘get rich quick schemes.’
The report stated the regulator uses three deterrents – civil, criminal and administrative – but said actions against individuals have a greater deterrent effect than action against firms. As such it prohibited 47 senior executives in 2011/12.
The FSA also launched 20 cases into investment scams last year and secured four criminal convictions in partnership with the City of London Police and the Crown Prosecution Service.
The thematic review into mortgage advisers which resulted in 120-130 mortgage adviser penalties and bans has now dropped to more ‘normal levels’ since the review ended, said the FSA.
A spokesman said the smaller firms arena is not relationship-managed, which partly accounts for the lower number of enforcement actions this year.
The report said: “EFCD has again, delivered a strong, visible set of results.”
