Financial services fines jump 50% in 2013 as FCA cracks down

Fines levied by the regulator against the financial services industry have soared by 50% this year, as the tougher stance of the new Financial Conduct Authority (FCA) leaves its mark.

A raft of high profile names have been put in the frame since the FCA took over the regulatory reigns in April, including Clydesdale Bank, J.P. Morgan Chase, Axa Wealth, Aberdeen Asset Managers, Royal Bank of Scotland, Sesame, Prudential, Lloyds, UBS and the Co-operative Bank. The total amount of fines under the FCA is £444.2m. The figures were collated before Wednesday's record fine for Lloyds Banking Group for sales incentives failings. Add to this the swansong of fines levied by the outgoing Financial Services Authority (FSA) in the first three months of the year - £1.9m - and the ...