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FSA handed out fines of £22 million in 2008

While much of 2008 has been dominated by the collapse in the worldwide economy and concerns about the running of the financial system in the UK, the FSA has handed out fines of over £22 million during the year. This is a record amount and a sharp rebuttal of suggestions that the FSA's has gone soft on financial regulations, a charge which has continuously been pointed at the regulator.

Top of the hit lists have been mortgage frauds and loan insurance mis-selling scandals which have contributed substantially to the fine count. However, rather alarmingly there has been widening of the type of alleged frauds and cases investigated by the FSA which would suggest that future regulation will become harder and harder. This is on top of the government's suggestion that the so-called period of "self regulation" is over in the UK and more legal guidelines will be introduced.

This would indicate a substantial increase in funding for the FSA in the short to medium term as they look as though they will have to take on very complicated and very difficult investigations. The cost of the US credit crunch is still being felt around the world and the UK is certainly suffering as much as anybody else.

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