Fines issued to individuals by the Financial Conduct Authority (FCA) fell by nearly 95% in 2017, but this is ahead of a growing emphasis on the personal accountability of senior staff at financial service firms by the regulator.
The fifth edition of the Annual Global Enforcement Review, published by consultancy Duff & Phelps, shows penalties against individuals dropped from £18.8m in 2016 to £970,000 in 2017; the lowest amount on record since the financial crisis in 2008. FCA fines Tesco Bank £16.4m after 2016 cyber attack However, total UK fines rose markedly to £866m in 2017 from just £71m in 2016, primarily as a result of two large penalties totalling £673m, targeting Deutsche Bank and Rolls-Royce. Meanwhile, worldwide financial conduct fines have grown by 30% between 2015 and 2017 to $26.5bn, but t...
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