FSA fines quadrupled in 2008, BDO research shows
Fines handed out by FSA have quadrupled in the first 10 months of the year, BDO research reveals
Research by BDO Stoy
Hayward reveals fines handed out by the FSA in the first 10 months of the
year totalled £20.5m – up almost four-fold on £5.3m in the same period last
year.
In October alone, the FSA enforced fines totalled £7.2m, much higher than a
whole year of fines for 2007, the Financial Times reports.
Fiona Raistrick, BDO Stoy Hayward head of the financial services regulatory
practice, said the penalties isssued by FSA continued to increase as the
regulator took a tougher stance on enforcement to achieve a credible deterrence
from bad practice.
‘The UK is one of the most highly regulated countries in the world and the
level of regulation we face only looks set to increase. Therefore, it is
imperative that companies focus on making sure their internal controls are
sufficient to mitigate their risks,’ she said.
Further reading:
FSA threatens executives with fines
Internal controls: control yourself
Read
the Financial Times story