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FCA fines down more than 97% in 2016

The UK’s Financial Conduct Authority (FCA) netted £22.2m ($27.9m, €26.4m) in fines against 23 financial institutions during 2016, a more than 97% drop from last year, reports the Guardian.

FCA fines down more than 97% in 2016

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The regulator fined 40 banks and City firms to the tune of £905m in 2015. 

The sharp decline was attributed to a non-repeat of the substantial fines doled out over the past two years against banks rigging foreign exchange markets and the Libor interest rate.

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Source: the Guardian

Aviva received the biggest fine of 2016 – £8.2m for lax oversight of an outsourcer looking after clients’ money.

This compares with the £284m fine handed to Barclays last year for foreign exchange manipulation.

This year’s figure is the lowest since 2007, when the FCA’s predecessor, the Financial Services Authority, imposed £5.3m in fines.

Following accusations of going soft on the City, the FSA issued penalties totalling £22.7m in 2008.

The financial regulator hit its peak in 2014 when it levied £1.5bn in penalties.

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