Throughout 2014, the Financial Conduct Authority (FCA) issued a record amount of £1.5 billion in fines to various financial services providers.
This figure is almost three times bigger than that of the previous year, and clearly demonstrates the FCA's commitment to clamping down on the irresponsible conduct of banks and other companies in the financial sector.
One strong and recent example of the FCA's heightened no-nonsense approach is the £42 million fine it imposed on the Royal Bank of Scotland (RBS) in November, for an IT failure that occurred back in June 2012.
The RBS systems glitch left thousands of customers unable to carry out the most straightforward of transactions, however, that £42 million fine is just a fraction of the total amount levied from RBS over the whole of 2014.
Which organisations were fined the most over the year?
More than two-thirds of the total amount levied by the FCA over the course of 2014 came from the following five banks:
- UBS (£234 million)
- Citibank NA (£226 million)
- JP Morgan Chase (£222 million)
- RBS (£217 million)
- HSBC (£216 million)
To put these FCA fines into perspective, the FCA's US equivalent, the Financial Industry Regulatory Authority (FINRA), collected just £98.4 million in fines in 2014.
Responsibility is key in all financial jobs
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