The value of fines issued by the Financial Conduct Authority has increased nearly fourfold to £577m this year, reaching a six-year high, research by law firm RPC shows.
The increase in the value of fines was largely due to four large fines worth well over £50m issued this year, compared to just one fine over £50m issued last year. The largest fine of £265m was imposed on NatWest for failing to comply with anti-money laundering measures. HSBC received a £64m fine for a similar reason. Credit Suisse was also fined nearly £150m for failures in its anti-bribery controls, while Lloyds Bank was fined £90m for treating consumers unfairly in the renewal of their home insurance. The number of fines also increased by 57% in the last year, from seven to 11. ...
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