Libor scandals drive record FSA fines of £312m
The Financial Services Authority (FSA) handed down a record-breaking £312m in fines in 2012.
This is a 251% increase on the previous record of £89m in 2010 according to law firm Reynolds Porter Chamberlain (RPC).
The firm said fines relating to Libor-rigging and Euribor-rigging were two of the regulator’s largest ever, and made up more than 70% of the total in 2012 – Barclays was forced to pay £59.5m in June last year, while UBS was handed a fine of £160m in December.
The £312m total could have been higher according to the legal experts who pointed out that 71% of businesses and
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