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.
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.