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FCA fines plunge 73% as banks avoid major scandal

FCA fines plunge 73% as banks avoid major scandal

Fines levied by the Financial Conduct Authority (FCA) fell sharply in 2018, after 12 months without many big ticket penalties.

The FCA levied £60.5 million worth of fines in 2018, more than 73% lower than the £228.5 million of the previous year, according to The Times.

A substantial factor that inflated 2017’s total was the fine against Deutsche Bank for £163 million over money laundering rules. The record year for fines is still 2014, when the total reached £1.47 billion, as banks were punished for Libor interest rate rigging.

‘We remain committed to investigating and holding firms and individuals to account for misconduct and ensuring wrongdoers pay for the costs of remediation,’ the FCA said, adding that it was ‘doing more enforcement, not less’.

‘Over the last year alone, there has been a significant increase, of 75%, in the number of investigations we have commenced,’ it said.

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