44% of FCA fines were handed to individuals in 2013

The research also revealed that the penalties handed down by FCA to individuals totalled £5.42m in 2013.

While the amount fined to individuals only accounted for slightly more than 1%, the number of fines that the FCA brought against individuals (20) accounted for 44% of the total number of cases during the same period.

Nick Matthews, Senior Member of Forensic and Corporate Recovery Practice at Kinetic Partners comments:

“Our research shows that British firms continue to be fined and demonstrates the increasingly tough stance that regulators are taking against financial services firms. Regulators have certainly publicised their efforts to increase enforcement activity and deter negligent or harmful behaviour.”

Matthew concludes:

“For those working in financial services firms with oversight responsibilities, ensuring you have done everything you can to mitigate the risk is becoming ever more important.”