FSA lines up 'mega fine' in Q2

clock

The Financial Services Authority (FSA) is readying at least one 'mega fine' in the next three months as figures show it raised significantly less than usual in the first quarter of 2012.

City miscreants are expected to face "an onslaught" from the watchdog over the next three months after the FSA levied just £14.6m in fines in Q1, according to The Independent.

If those figures were extrapolated for the whole year it would point to a total fine count of £58.4m for 2012, which is down sharply on last year's total of £66.1m. That was in itself a steep decline on the £89.1m of fines that were imposed in 2010.

However, The Independent said it has learnt there could be at least one "mega-fine" in the next three months with a number of smaller penalties being lined up.

And the outgoing enforcer-in-chief, Margaret Cole, has warned the City to expect an increase in the level and frequency of fines for misdeeds, with more blockbuster penalties, as the watchdog transitions to the new Financial Conduct Authority.

More on Regulation

FCA records more than 300 whistleblowing cases in Q2 2025

FCA records more than 300 whistleblowing cases in Q2 2025

98 allegations for Consumer Duty

Patrick Brusnahan
clock 15 August 2025 • 1 min read
FOS records fall in complaints cases

FOS records fall in complaints cases

Less than 10 complaints for income protection

Isabel Baxter
clock 07 August 2025 • 3 min read
Disability and access ambassador for insurance appointed by Government

Disability and access ambassador for insurance appointed by Government

Replaces Zurich’s Peter Hamilton

Jaskeet Briah
clock 06 August 2025 • 3 min read

Highlights

COVER Survey: Advisers damning of protection insurer service levels

COVER Survey: Advisers damning of protection insurer service levels

"It takes longer than ever to get underwriting terms"

John Brazier
clock 12 October 2023 • 5 min read
Online reviews trump price for young people selecting life and health cover

Online reviews trump price for young people selecting life and health cover

According to latest ReMark report

John Brazier
clock 11 October 2023 • 2 min read
ABI members with staff neurodiversity policy nearly doubles

ABI members with staff neurodiversity policy nearly doubles

Women within executive teams have grown to 32%

Jaskeet Briah
clock 10 October 2023 • 3 min read