Fines jump 271% as UK watchdogs get tough on financial crime

Regulators issue further prison sentences

UK regulators have cracked down on financial institutions over the last two years, with total fines increasing by nearly 271% to reach £2.45bn.

According to accountancy firm EY's Investigations Index, the average fine has similarly increased by 291%, from £10.8m to £42.3m over the period. The top reasons for fines were systems failings, business misconduct and misleading information. Its study also revealed the UK's regulatory bodies are handing out more prison sentences than previously, with the amount of all prison time increasing by 124% in the last two years. However, the average prison sentence has decreased by 40% from 87 months to 52 months, although this remains three times longer than the average sentence issued i...