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The Financial Services Authority (FSA) imposed fines on individuals totaling nearly £20 million in the 2011/12 fiscal year, more than in all prior years since 2002/03 combined, according to NERA’s new report, Trends in Regulatory Enforcement in UK Financial Markets: Fiscal Year 2011/12. The report analyzes trends based on NERA’s proprietary database of fines and other enforcement activity by the FSA. Among the report’s findings are that, in fiscal year 2011/12, the FSA imposed £58.7 million in fines on firms, below the previous year’s record-high total, but higher than in any other year. The number of fines imposed on both firms and individuals declined as compared to 2010/11, possibly as a result of the FSA taking on fewer, more complex cases. The report also provides background on the role of financial penalties in enforcement, a discussion of recent developments in enforcement, and a look ahead to enforcement policy of the Financial Conduct Authority.