FCA to Review Fine Policy
Will the FCA change its strategy to hold bankers personally accountable in 2015?
Currently its tactic appears to be to fine the banks until the pips squeak, following the high profile LIBOR and FOREX abuses. However whilst fines for individuals have fallen in this financial year from £3.9 million to £9 million, only 9 people have been fined; the trend in relation to institutions is exactly the opposite with fines increasing from £425 million last year to £1.39 billion in the current financial year. The public perception of this is that it is business as usual with the banks picking up the bill and the guilty individuals carrying on causing mayhem in the markets. The FCA must want to get a high profile scalp to dispel this impression, It is one thing for a disgraced banker to be ostracised from a prestigious golf club, it is quite another to send him to jail for a long prison sentence.