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Financial Services Authority imposes record number of finesThe City watchdog has imposed 49 fines in 2008, up from 23 last year. Fines are understood to have reached £22.6m, which is the second highest amount on record. The £17m fine imposed on Shell in 2004 has distorted the figures somewhat, taking the total to £24.8m.
The fines include the mis-selling of payment protection insurance, which are understood to have accounted for more than £10m of the total this year. As much as £7m of this was a fine against Alliance & Leicester, the highest fine this year, while the FSA also fined HFC Bank £1m for PPI-related issues. "The failings at A&L are the most serious we have found. This is reflected in the record PPI fine. It is very disappointing that after three years of regulation we are still finding serious problems in PPI sales," said Margaret Cole, FSA Director of Enforcement, in October. This year the FSA also launched its first criminal prosecutions. Industry sources are expecting the financial services regulator to impose a similar number of fines, if not more, next year. http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/insurance/ 84 times read
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