FSA trebles fines to £97m
The Financial Services Authority (FSA) trebled the value of fines it collected from financial services businesses in just one year, from £33.1m to £96.7m, according to Reynolds Porter Chamberlain (RPC).
The law firm compared the year to 31 March 2011 with the previous 12 month period and found there were 15 fines over £1m totalling £86.9m, up 216% from £27.5m the year before.
Jonathan Davies, partner in RPC's financial services team, commented: "The FSA has now begun the internal reorganisation that will result in its replacement and these fines show that it is making every effort to go out with a bang.
"This is quite an extraordinary cranking up of the FSA's enforcement activity. We are now
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