RPC raises concern over FSA discount on mounting fines
The Financial Services Authority (FSA) has smashed its record fines for last year by 21%, handing down £33.1m in fines, according to Reynolds Porter Chamberlain (RPC)
RPC said there were eight £1m+ fines last year worth £27.5m, up 32% from £20.8m the year before when there were six. The law firm also said the average fine handed down by the FSA last year was up 59% on the year before to £788,571 from £497,455.
The FSA is currently able to set the level of fines it charges internally, without authorisation from the Government or order from a judge.
Regulations stand that financial services firms and individuals that cooperate with the FSA are entitled to a
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