Fines imposed by the Financial Conduct Authority have soared to new record highs, hitting £1.39 billion since April compared to £425 million in the 2013-2014 financial year.
The FCA plans to review its system. While the vast majority of this year’s figure comes as a result of the £1.1 billion paid last month by five banks to settle allegations of attempted foreign exchange rate-rigging, a new penalty regime has also started to take effect.
“We believe that we now have enough cases to pause and take stock and we plan to start a review of our penalty policy in the next financial year,” Georgina Philippou, an FCA director of enforcement strategy, said.
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