From The BBC:
The Financial Services Authority (FSA) wants to impose much bigger fines on firms or individuals who cheat their customers or engage in insider dealing.It says its current level of fines have not been high enough to deter wrongdoers and the new fines will treble its penalties in some cases. Firms could be fined 20% of turnover, with individuals liable to penalties of 40% of their salary and bonuses. Individuals guilty of “market abuse” will be fined a minimum of £100,000. In the last financial year the FSA imposed a record £27.3m in fines, up from just £4.4m the year before. It also banned a record 58 people from carrying out jobs it regulates, compared to 30 the year before. ‘Real difference’Margaret Cole, the FSA’s director of enforcement, said her organisation needed a stronger deterrent. “By hitting companies and individuals in the pocket where it hurts, the fines will be a stark warning to others on what they can expect to pay for flouting our rules,” she said. “…
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