In December 2021, law firm RPC released data showing that FCA fines had increased nearly fourfold from the previous year to £577m in 2021, with major banks being the largest contributors.
How has this happened?
According to RPC, FCA fines are at their highest value in six years, as shown by the diagram below. The increase in 2021 was dominated by the major financial crime-related fines imposed on NatWest and HSBC, as well as a £150m fine for Credit Suisse for failures in its anti-bribery controls and a £90m fine for Lloyds for treating consumers unfairly in the renewal of their home insurance.
Source: FCA, December 2021
The number of fines increased by 57 per cent in the past year, from seven to 11.
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