FSA fines could treble in size
The Financial Services Authority (FSA) has published its new penalties policy, which it claims "establishes a consistent and more transparent framework" and could see enforcement fines treble.
Under the new framework, fines will be linked more closely to income and be based on:
Up to 20% of a firm’s revenue from the product or business area linked to the breach over the relevant period;
Up to 40% of an individual’s salary and benefits (including bonuses) from their job relating to the breach in non-market abuse cases;
A minimum starting point of £100,000 for individuals in serious market abuse cases.
The FSA said its new policy supports its ongoing commitment to the principle
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