FCA fines down to £60.5m in 2018
Regulator’s annual total falls from £229.5m in 2017.
The Financial Conduct Authority (FCA) dished out £60,467,212 in fines last year.
This was down substantially on 2017’s £229,515,303 total.
However, the number of penalties handed out actually rose – from 13 in 2017 to 15 in 2018.
The main driver of the discrepancy between the two measures was Deutsche Bank's hefty £163m bill on 31 January 2017 for failing to maintain an adequate anti-money laundering control framework.
Highest
The highest ever total was £1.47bn in 2014.
That year was noteworthy for the regulator hitting five banks for £1.11bn for failing to control foreign exchange business practices. The banks were Citibank, HSBC Bank, JPMorgan Chase Bank, RBS and UBS.
The 2018 total was the second lowest ever since the watchdog was formed in 2013.
Notable general insurance fines in the past 12 months included John Radford and One Call Insurance Services receiving £468,600 and £648,000 punishments for client money handling failings.
And Liberty Mutual being slammed for £5.3m for failures in its oversight of mobile phone insurance claims and complaints handling.
Smallest
The smallest ever yearly amount was £22.2m in 2016 (see graph below).
The FCA took over from the Financial Services Authority on 1 April 2013. In that handover year the 12 month fines total came in at £474,263,738.
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