FSA fines set to treble, brokers warned

fsa-building-revolving-doors

Reynolds Porter Chamberlain has published research showing a trebling in Financial Services Authority (FSA) fines in just one year and warned they could treble again.

According to the city law firm, the FSA collected £96.7m in fines in the year to 31 March 2011 compared to £33.1m over the same period the previous year.

With the FSA set to be split into two there are fears in the market that competition between the Financial Conduct Authority, which will regulate brokers, and the Prudential Regul