FSA to toughen up enforcement sanctions
Regulator vows to hit individuals in the pocket
The Financial Services Authority (FSA) has published plans to create a consistent and more transparent framework for calculating financial penalties which could mean some fines treble in size.
The FSA said the new plans reflected its determination to change behaviour and address concerns that firms were repeatedly failing to improve standards (e.g. in relation to mis-selling to consumers and market misconduct).
They will also aim to ensure that fines better reflect the scale of the wrongdoing
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