FSA fines more than double to record £88m
The Financial Services Authority (FSA) handed down a record breaking £88.4m in fines in 2010 (to December 20), a growth of 154% from last year’s £34.8m, according to City law firm Reynolds Porter Chamberlain (RPC).
RPC claimed that the record fines are clear evidence that the FSA's more intrusive regulatory approach is hitting firms hard.
Jonathan Davies of RPC, commented: "The FSA has been much more aggressive this year. The FSA has had new political masters to impress this year but we may have reached the point where this level of regulation could be having a negative effect on the financial services sector."
RPC noted that the number of fines handed out by the FSA more than doubled to 88 from 40 last
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