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31 July 2019
By Erin B. McHugh
NERA Economic Consulting maintains a proprietary database of fines and non-pecuniary enforcement by the Financial Conduct Authority (FCA). In our annual Trends in Regulatory Enforcement in UK Financial Markets reports, we present detailed analysis of these data, supplemented with data on redress schemes agreed with the FCA and fines associated with Deferred Prosecution Agreements (DPA) agreed with the Serious Fraud Office (SFO), to reveal trends that may not be apparent from a review of individual cases.
In our 2018/19 year-end update, NERA Associate Director Erin B. McHugh provides a number of insights into the FCA’s recent enforcement activity, including:
Additional data on the number and amount of fines by period (including by category of alleged misconduct) are outlined in the table below.
2019/20* | 2018/19 | 2017/18 | 2016/17 | 2015/16 | 2014/15 | 2013/14 | |||
Total Number of Fines | 3 | 17 | 16 | 19 | 32 | 51 | 49 | ||
Individuals | 0 | 9 | 10 | 12 | 15 | 24 | 22 | ||
Market Integrity Violations | 0 | 2 | 5 | 3 | 0 | 3 | 4 | ||
Customer Protection Failures | 0 | 2 | 0 | 4 | 9 | 11 | 7 | ||
Compliance Failures | 0 | 3 | 4 | 4 | 5 | 8 | 3 | ||
Other Fraud or Misconduct | 0 | 2 | 1 | 1 | 1 | 2 | 8 | ||
Firms | 3 | 8 | 6 | 7 | 17 | 27 | 27 | ||
Market Integrity Violations | 0 | 0 | 3 | 1 | 2 | 2 | 3 | ||
Customer Protection Failures | 2 | 6 | 2 | 6 | 10 | 12 | 22 | ||
Compliance Failures | 1 | 2 | 1 | 0 | 5 | 13 | 2 | ||
Other Fraud or Misconduct | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Aggregate Fines (£ Millions) | 46.7 | 227.3 | 69.9 | 181.0 | 890.2 | 1,410.3 | 420.8 | ||
Individuals | 0.0 | 80.2 | 0.9 | 0.9 | 16.2 | 7.1 | 3.9 | ||
Market Integrity Violations | 0.0 | 0.0 | 0.6 | 0.1 | 0.0 | 0.6 | 1.3 | ||
Customer Protection Failures | 0.0 | 0.5 | 0.0 | 0.1 | 14.9 | 2.0 | 1.0 | ||
Compliance Failures | 0.0 | 79.6 | 0.2 | 0.7 | 1.3 | 1.9 | 0.1 | ||
Other Fraud or Misconduct | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 2.7 | 1.5 | ||
Firms | 46.7 | 147.1 | 69.0 | 180.1 | 874.0 | 1,403.1 | 416.9 | ||
Market Integrity Violations | 0.0 | 0.0 | 31.5 | 0.0 | 226.8 | 105.6 | 127.0 | ||
Customer Protection Failures | 1.2 | 85.2 | 3.0 | 180.1 | 337.6 | 89.4 | 146.7 | ||
Compliance Failures | 45.5 | 61.9 | 34.5 | 0.0 | 309.5 | 1,208.1 | 143.2 | ||
Other Fraud or Misconduct | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
*From April 2019 to June 2019.