Regulators have levied fines worth more than £1bn on UK companies and managers for fraudulent activity since 2007, with financial services firms alone charged £560m.
A new study, published today as the Financial Services Authority (FSA) is scrapped in favour of a 'twin peaks' regulatory model, reveals financial services companies accounted for seven in ten fines over the period. However, at around £2m, the average fine for the financial services industry was lower than some peers', according to the Ernst & Young report. The consumer staples sector witnessed an average fine of £56m but accounted for just 2% of the total amount. The mortgage industry and specialised finance sector were the largest financial services culprits, the assessment of ...
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