The remarkably low fines imposed by the UK’s
financial services regulator in 2016 – just
£22.2 million ($27.5 million) – were an anomaly
and not a reflection of policy change.
In 2016, the Financial Conduct Authority (FCA) handed out just 23 penalties - the lowest
total since 2007, when its predecessor the Financial Services
Authority (FSA) was responsible – accounting for less
than three percent of the fines imposed in 2015.
"It was a surprise, but what’s missing are the
marquee enforcement actions that have hugely inflated the
figures in previous years, the FXs and Libors," said Ben Kingsley, partner at Slaughter and May in London. "But I have
no doubt that we’ll see eight and probably nine
figure fines again."
Deutsche Bank's £163 million fine announced
this morning shows the regulator is not backing downIn
fact the regulator has already beaten its 2016 total in one