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FSA fines on track to treble
Fines meted out by the Financial Services Authority (FSA) are likely to be treble last year's amount.
The latest figures published by Wolters Kluwer show the FSA has already fined companies and individuals a total of £56,617,497 the first six months of this year.
With another six months in the year left, Wolters Kluwer said the FSA was on target to treble last years total fines of £22,655,428.61.
The fines imposed for the first six months of 2010 are already ten times more than the total fines in 2007 which was £5,341,500.
Mary Stevens, manager of the regulatory and editorial group at Wolters Kluwer, said: "The fines total has again jumped significantly with the retail side of the industry coming under attack most notably mortgage brokers.
"2010 looks like being the highest recorded year for total fines with the previous yearly high of £35,005,523.34 for 2009."
The FSA refused to comment.
