Newly released data from Wolters Kluwer Financial Services shows that the UK’s Financial Conduct Authority is unlikely to match the record level of financial penalties levied last year. The total value of penalties issued this year, up to and including 28 September 2015, is approximately £827 million. And this represents 58% of total financial penalties issued in 2014 (approximately £1.5 billion), according to the risk and regulatory technology firm.
Since the FCA was established in April 2013 approximately 93% of regulatory fines have been levied against the banking sector, the data shows.
“If we take a closer look at the financial penalties issued in recent months there has been a marked slowdown in the number of penalties issued, particularly against the banking sector,” noted Mary Stevens, global regulatory analysis manager at Wolters Kluwer Financial Services in London. “It now seems unlikely that 2015 will match the record level of fines issued in 2014. This is especially the case given that the UK Chancellor of the Exchequer, George Osborne, has suggested that a ‘different approach is needed’ for the industry to ensure firms meet their regulatory objectives and obligations.”
The data is available through Wolters Kluwer Financial Services’ Regulatory Update Service offering, part of the OneSumXRegulatory Reporting solution. The firm’s clients have access to up to date information on regulatory requirements to help ensure ongoing compliance with regulatory developments when they happen. The Regulatory Update Service is unique to Wolters Kluwer Financial Services and is maintained by experts who actively monitor regulation in more than 50 countries around the world, ensuring the solution is up-to-date at all times.