Thanks to late contributions from Toronto Dominion Bank (£7m) and UBS AG (£8m), 2009 was a record year for FSA penalties – £34.9m vs. £22.7m for 2008.
The link below will provide details of the fines, which in terms of numbers are divided roughly equally between penalties imposed on firms and those imposed upon individuals. Some of these cases have, of course, been covered in earlier ‘Regulatory Roundups‘. It is interesting to note the frequency of reference to failings in ‘systems and controls’ covering activities ranging from approving financial promotions to the pricing of products.
