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FSA set to increase fines by up to 300%

In a sign of the times, the Financial Services Authority (FSA) has today issued proposals with regards to a significant increase in fines and penalties for those found guilty of market abuse in the future. If the proposals become law we will see fines increased by up to 300% and individuals in line for a minimum £100,000 fine if found guilty in cases of market abuse.

The broad framework for the significant increase in fines will be based upon 20% of a company's income and 40% of an individuals overall remuneration package. The reasoning behind the proposed changes is to introduce a framework which it is hoped will see penalties and fines fit the crime and deterred those possibly considering similar actions in the future. The announcement, by the FSA, is a further rebuke for the Bank of England which appears to be slowly dropping out of the regulatory loop in the UK and fading into the background somewhat.

It is also worth pointing out that the intended increase in fines issued by the FSA would relate to all areas of the financial markets not just the stock market. It will take in things such as payment protection insurance, general advice, market abuse and other elements which are becoming more prominent areas of concern.

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