News From july 2009

July

The Financial Services Authority (FSA) publishes new plans

To create a consistent and more transparent framework for calculating financial penalties which could mean some fines treble in size!

The new plans reflect the FSA’s determination to change behaviour and address concerns that firms are repeatedly failing to improve standards (e.g. in relation to mis-selling to consumers and market misconduct).  They will also ensure that fines better reflect the scale of the wrongdoing and that any profits made from the breaches are clawed back.