The FCA has issued 85 final notices since it was formed in April, research by Wolters Kluwer Financial Services has revealed.
The regulator’s promise to adopt a tougher and more interventionist approach was borne out by the London-based consultancy’s research into its activity since April.
Wolters’ report revealed the FCA published an average of 11.3 final notices a month in the seven and a half months since the abolition of the FSA.
The total number of fines published by the FCA numbers £303.87m.
• Some £274.74m was imposed on the banking sector for misdemeanors including Libor-rigging at Rabobank and Icap Europe, and
• a market abuse fine for JP Morgan in excess of £137m.
Other lowlights include
• Sesame’s £6m fine for unsuitable advice, systems and controls, and
• Aberdeen Asset Management’s £7.2m for failing to protect client money.
The largest fine handed out to an individual adviser was
• £150,000 to Andrew Jeffery, former director of West Sussex-based Jeffery Flanders (Consulting) Ltd, for insurance fraud and failure to co-operate with the regulator.
Top 5 FCA fines since April
1. JP Morgan Chase Bank £137,610,000
2. Rabobank £105,000,000
3. ICAP Europe Limited £14,000,000
4. Clydesdale Bank £8,904,000
5. Swinton Group Limited £7,380,400
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