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Browse: Home / 2008 / October / 29 / Combined Total of FSA Fines Since 2001 About to Crack £100 Million

Combined Total of FSA Fines Since 2001 About to Crack £100 Million

By Securities Docket on October 29, 2008, 4:44 pm

The total amount of fines administered by the UK’s Financial Services Authority (FSA) since its creation in 2001 is about to hit the £100 million milestone,  OpRisk & Compliance reports.  So far in 2008, FSA has imposed £20.5 million in fines, £8.1 million of which were jointly levied against Santander-owned UK bank Alliance & Leicester and HFC Bank, part of HSBC, for “mis-selling payment protection insurance.”

The £100 million total barely registers when compared to fines imposed by the US Securities and Exchange Commission.  For comparison’s sake, the £100 million total of all fines imposed by the FSA since 2001 (which converts to approximately US$162 million) would not make the Top 10 single SEC settlements according to a recent report from RiskMetrics Group listing the Top 30 SEC Disgorgements (it would fall at #14 on that list).

Read the OpRisk & Compliance article

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Posted in Global | Tagged FSA, UK

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