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The Financial Services Authority gets tough with rogue traders

It has been revealed that the Financial Services Authority (FSA) has issued a total of £8.1 million in fines so far in 2009 against just £3.8 million for the same period last year. While this is a significant increase over the relevant period in question, the 12 month comparison is even larger with fines totalling £27.3 million issued, a rise of 514% on the corresponding period last year.

It was also revealed that the FSA has issued a record number of fines in one year, totalling 55 separate fines, and also been victorious in its first criminal prosecution for insider dealing. There is no doubt that the UK regulator is "getting tough" with those who abuse the UK financial system and many believe this will carry on for some time to come. We have mentioned on a number of occasions that confidence in the UK system and in the UK regulator is paramount to the success and growth of the UK financial sector.

These record fines and the criminal conviction, with more expected to follow, will at some stage inject further confidence into the system but possibly not until the UK is on a sounder financial footing.

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