Amount also represented approximately one-third of £313.4m, the total level of fines in 2012.
The FSA has illustrated its transition to a tougher approach after its busiest February for enforcement with £101.4m in fines handed down.
Mary Stevens, manager of regulatory content for Wolters Kluwer Financial Services, said the amount compared to just £9.2m in February 2012. The amount also represented approximately one-third of £313.4m, the total level of fines in 2012.
She said: “This year will see significant change to the financial services regulatory architecture within the UK and no doubt the foundations of a strong-arm regulator built in 2012 will continue to see regulatory strength build with the introduction of the Prudential Regulation Authority and Financial Conduct Authority as legal cutover nears closer.”
Major enforcement actions during February included a
1. £9.45m penalty for UBS for failings in the sale of an AIG fund,
2. a £4.3m fine for Lloyds Banking Group for delays in payment
protection insurance redress payments, and
3. Royal Bank of Scotland was ordered to pay £87.5m as part of the Libor-fixing investigation.
Last September Martin Wheatley, incoming FCA chief executive, outlined a change in emphasis compared with the FSA. He said conduct was the “new watchword” for regulators and that confidence needed to be rebuilt in the financial services industry.
As part of this new regulatory outlook, Mr Wheatley said the FCA would need to “start from a relatively low base in terms of public confidence” and would use its powers of intervention more proactively than the FSA.
Chris Budd, managing director of Bristol-based Ovation Finance, said: “The regulator needs to be less big brother and more older sister. Sometimes it would be nice if the FSA were more approachable.
“Regulation should affect the minority. There are a few people doing the wrong thing and they should rightly be caught by regulation. The vast majority of us doing the right thing want help from the regulator.”
Month 2010 2011 2012 2013
January £2,504,000.00 £12,779,853.00 £5,232,000 £8,325,537
February £2,205,807.00 £1,133,500.00 £9,250,395 £101,440,000
March £49,000.00 £85,750.00 £9,764,200.00
April £11,569,541.00 £1,885,000.00 £292,950
May £36,968,500.00 £4,597,900.00 £8,031,157.00
June £2,471,649.00 £1,222,770.00 £60,891,000.00
July £1,493,200.00 £6,947,500.00 £512,346
August £9,681,500.00 £341,499.00 £294,000.00
September £18,260,022.00 £3,552,400.00 £10,091,400.00
October £178,062.50 £6,030,000.00 £7,106,232.00
November 0 £10,618,667.00 £40,612,000.00
December £3,953,140.00 £16,950,000.00 £161,368,500
FSA Fines (Source: Wolters Kluwer)
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