UK Financial Conduct Authority Reports On Enforcement Activity

The latest enforcement statistics released by the UK Financial Conduct Authority (“FCA”) show that the regulator is investigating more firms and individuals than ever in relation to an ever expanding range of alleged misconduct.

At a glance, it may appear that levels of enforcement activity remain relatively static. The total number of penalties imposed was unchanged from the preceding year at 16. An increase in total amount of financial penalties imposed from £69.9 million to £227.3 million appears dramatic. However, the difference is accounted for by a small number of substantial fines, including two fines finally imposed following the conclusion of a long-running action arising from the collapse of an asset management firm, which together account for £79.2 million of the £80.2 million individuals were ordered to pay during the period.