FSA hands out lower fines

News Article - 23 May 2012
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This year the Financial Service Authority (FSA) handed out the lowest value of fines in six years.

Over the course of 2007 the regulator fined companies a total of £5.3 million, compared to £13.3 million last year.

The FSA reports that the average penalty per firm is also the lowest it has been since 2002, currently standing at £232,000 which is 51 per cent less than last year's figure of £475,000.

However, the regulator told the Financial Times that there had been 23 instances of penalties, compared to 21 last year.

"The amount of times we have taken action is a very similar number to last year and this reflects, amongst other things, our close scrutiny of the growing small firms market we regulate," it said.

Given statutory powers by the Financial Services and Markets Act 2000, the FSA is independent of the government and funded by the firms it regulates.

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