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1800% rise in regulatory fines

1800% rise in regulatory fines

Regulatory fines have risen 1800% according to the 2015 Global Enforcement Review...

The review, carried out by Kinetic Partners, analysed data from financial regulators across the UK, US and Hong Kong to determine regulatory trends and their effects on the industry.

It was found that the total number of fines issued by the FCA had increased by 68% in 2014 up from £474.27m in 2013.

Monique Melis, Managing Director and Global Head of Regulatory Consulting at Kinetic, said 2014 had seen a significant spike in the severity of financial penalties across the board.

“However, the averages only tell part of the story as they have been pushed up by a relatively small number of historic fines, mainly relating to Libor and Forex manipulation,” said Monique.

“We are now entering an era of regulatory enforcement in which the ‘new normal’ consists of exceptionally severe penalties and a growing focus on individual bad actors, the aim of which is to impact and change the culture of firms.”

Individuals were fined a total of £2.9m by the regulator in 2014, down from £4.99m in 2013 and the number of fines imposed decreased from 51 in 2012/13 to 46 in 2013/14.

The average value of fines issued by the FCA were two and a half times higher than in 2013 with £36.79m compared with £9.88m and the average monetary sanction has increased by more than 1,800% since 2009.

Julian Korek, Head of Compliance and Regulatory Consulting at Kinetic Partners, added that actions against individuals were likely to play an integral role in regulators’ efforts to deter bad behaviour.

“Such sanctions are an undeniably powerful deterrent as, unlike financial penalties imposed on firms, they cannot be written off as a business cost,” said Julian.

“Regulatory leadership in the UK recognises that an organisation’s senior management is not necessarily able to police staff at all levels, so holding the bad actors themselves accountable is a step towards influencing institutional culture in the right direction.

“However, there is also a real risk that the targeting of individuals could reduce the attractiveness of financial services as a career. As always, it is a balance that regulators need to strike,” concluded Julian.


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