FCA fines plunge from £905m last year to £20m in 2016

APFA called for redistribution of fines to cover compensation cost

Fines handed out by the Financial Conduct Authority (FCA) in 2016 have seen a dramatic fall this year compared to last, as fewer banks appeared on the regulator's hit list.

In the first half year of 2016, the FCA dished out a total of £20m worth of fines to 14 recipients, compared with £905m (40 fines) in the whole of 2015 and £1.4bn (40 fines) in the year before. The only adviser fined this year was former Towry adviser Mark Taylor, who was found to have engaged in market abuse during its takeover negotiations with Ashcourt Rowan. Taylor was fined £36,285 in May and banned for a period of at least two years. He had bought shares in Ashcourt Rowan off the back of inside information accidentally provided to him in his role at Towry. Wealth manager W H ...