It has been a bumper year for FSA fines, with a total of £89,121,281.50. £50m of that sum was down to actions taken against JP Morgan (client money failings) and Goldman Sachs (failing to tell the FSA that a CF30 had been subject to interest from the SEC), whilst the 50p is down to the Andre Jean Scerri case (£66,062.50).
The FSA maintain a ‘Fines table’ which can be accessed using the link which, of course, will provide further details of the three cases mentioned above. Firms’ Compliance Officers, or those responsible for training, may find this a useful source from which can be selected those cases which are closest to a firm’s own business activities, so making training sessions for staff more relevant.
