FSA fines total soars to £88.4 million

by Gill Montia

Story link: FSA fines total soars to £88.4 million

The Financial Services Authority (FSA) has upped its income from fines to £88.4 million for 2010, compared with £35 million in 2009.

Eighty-eight financial services firms were handed down penalties from the regulator, with J.P. Morgan Securities now able to head up the list of the Authority’s all-time high fines.

The bank paid £33.32 million in June, for failing to protect client money by segregating it appropriately.

Aon Ltd is the only insurance name to appear among the top-ten worst-ever offenders, having parted with £5.25 million in January 2009 for failing to take reasonable care to establish and maintain effective systems and controls to counter risks of bribery and corruption.