FSA fines soared to £423m in 2012/13

The Financial Services Authority handed out fines totalling more than £400m in the last year before it was overhauled, a huge jump from previous years amid mammoth fines for banks over LIBOR failings.

Figures released today revealed fines from the FSA - which has since been transformed into the Financial Conduct Authority (FCA) - totalled £423.2m in 2012/13. It is a huge increase from previous years, with fines for 2011/12 totalling just £76.4m. In percentage terms, the value of the fines has increased by around 450%. The year's big fines included penalties for the country's major banks for their role in LIBOR rigging, as well as UBS' £29.7m fine over the unauthorised trading of employee Kweku Adoboli. Retail firms were hit with fines totalling £96.8m in the 2012/13 year, before...