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FCA producing significantly more heavy fines during 2019

The UK Financial regulator “Financial Conduct Authority -FCA” has imposed more drastic sanctions in 2019 that ever before.

After the drop in fines to individuals in the compared period 2016 – 2017, and its stable value for 2017-2018, a significant raise in economic sanctions was noted tor the 2019 period.

Thye best way to address this change is to put in perspective that during 2017 (same as 2018) fines against the top 10 fined individuals accounted for £0,9 Million while for 2019 for the top 8 sanctioned individuals the amount was £80,2 Million.

In a similar way but in a more reduced proportion the total amount of fines tripled during the fiscal year ending on March 2019 with a total amount of £227, Million.

Source

https://www.wsj.com/articles/u-ks-financial-regulator-imposed-record-amount-of-fines-against-individuals-in-fiscal-2019-11562713377

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Jaime Prieto

Mr. Jaime Prieto is a lawyer experienced in Financial Crime, Anti-Money Laundering and Counter Terrorism Financing having extensive professional experience in both public and private sectors. Mr. Prieto has been a Head of Compliance in the European Union, the Americas and the Caribbean for banks, trust companies, asset managers, Big Four audit and advisory firms, RegTechs, government agencies and other types of financial professionals. In addition to his experience, he has been legal and educational chair in several compliance and sectorial organisations and performed as a teacher and speaker for a number of organisations and in several local and international forums. Furthermore, Mr. Prieto is an experienced Money Laundering Reporting Officer anda Data Protection officer with additional experience in risk management.
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