UK: FSA on Pace to Impose “Record” Amount of Fines

“Record performance” is all relative, of course, but the Guardian reports that the number of fines and bans handed out by the UK’s Financial Services Authority “is on course for a record this year” under its new “get tough” approach.

The other side of this coin, of course, is that it does not take a lot to achieve a record amount of fines by the traditionally “light-touch” FSA.  Indeed, the record pace reported by the Guardian is a not-so-whopping £8.1m in FSA fines year-to-date. (The whole story actually reminds us a bit of Dr. Evil–see the video below).

An FSA spokeswoman stated that “[t]he increase in the levels of fines and the number of prosecutions are designed to act as a credible deterrent.”

Read the Guardian article