The Financial Conduct Authority's(FCA) income from fines it imposes on financial services companies is set to dip on last year's total, despite record penalties for Barclays and Deutsche Bank in recent months.
Although year to date the regulator has imposed two out of its three biggest ever fines, the rest of the year is expected to relatively quiet, according to The Independent. There are likely to be fewer cases and the size of the fines is set to drop compared to the ‘mega-fines' seen by investment banks for the forex and Libor manipulation scandals. Last week Barclays was fined £284.4m, the second largest fine on record, by the FCA for "unacceptable practices" relating to foreign exchange rate rigging, while just weeks before that Deutsche Bank paid a £226.8m penalty connected to the Li...
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