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Number of FCA fines against individuals slumps

Compliance Monitor

Number of FCA fines against individuals slumps

The coronavirus pandemic looks set to have a marked effect on FCA enforcement statistics, with just four financial penalties imposed so far this year and the likelihood of future cases stemming from the crisis. Meantime, the latest data in the regulator’s annual report shows there were fewer new cases launched in the past financial year, as well as a decline in the number of fines against individuals, writes Esther Martin.

The latest annual enforcement data published by the Financial Conduct Authority in September revealed it imposed just three fines on individuals in the year 2019/20 – compared with eight in 2018/19 and ten in 2017/18. [1] There were, however, 16 final notices issued against individuals in the past financial year, compared with 22 in 2018/19 and 21 in 2017/18. This is hugely fewer than the 187 final notices made against firms and individuals trading as firms in the latest annual report. The overall number of fines has remained level over the past three years (16, 16, 15) because, while the number of financial penalties imposed on individuals has subsided, those against firms have risen (6, 8, 12).

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