FCA fines drop to four this year in record low

The Financial Conduct Authority has handed out four fines so far this year in a sharp drop in enforcement action, as it maintains enforcement had “continued as normal” during the pandemic.

According to a Freedom of Information request submitted by law firm RPC, fines imposed by the financial regulator dropped by 76 per cent between January and October when compared with last year when it issued 17 fines in the same period.

The law firm suggested disruption caused by the global coronavirus pandemic may have hampered the City watchdog’s ability to impose fines, in particular with social distancing requirements hindering face-to-face interviews during lockdown.

Source: FT Adviser
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