Jessica Fino 11 Dec 2017 11:08am

Value of FCA fines rises tenfold

The Financial Conduct Authority (FCA) handed out a total of £229.4m in fines this year, compared to £22.2m in 2016

An analysis of the regulator’s enforcement database by law firm Clyde & Co revealed that the FCA fined companies by £229m, while £436,000 was collected from individuals.

However, eight out of the 12 fines were made against individuals, compared to 14 out of 22 in 2016.

Although this was far less than the £1.5bn in fines that was handed out in 2014, the law firm said it was still a concern for senior executives.

John Whittaker, partner at Clyde & Co, suggested that the regulator was continuing to place greater attention on individuals than in previous years.

"Recent regulatory changes, which are aimed at holding individuals to account for any behaviour that strays outside of the regulator's rule book, certainly support this trend," Whittaker warned.

Since a new rule came into effect in March last year, senior managers and non-executive directors risk fines or bans from the industry unless they can show they took all reasonable steps to prevent wrongdoing within their teams.