FSA fining and the Govt coffers

10 Dec 2012

The government has previously decided to divert the revenue from all FSA fines to Treasury coffers, back-dated to April, so the fines are no-longer used to offset the industry’s regulatory fees
So the total fines imposed by the regulator this year to a record-breaking £150m go direct to the Treasury after FSA expenses
These fines include
1. investment Bank UBS – UBS has been penalised £29.7m for its failure to stop rogue trader Kweku Adoboli who was ALSO jailed for fraud.
2. This follows Barclays been fined £59.5m Barclays in June for Libor-rigging fines have been steadily increasing with £89.1m imposed in 2011.