FSA imposes record fines in 2010

| December 30, 2010

Figures show that UK watchdog, the Financial Services Authority (FSA), has stepped up its fines this year after imposing a record A?89 million in 2010, compared with A?35 million in 2009.

However, fines in the UK are still significantly lower than those imposed in the US, which usually exceed the $500 million mark.

This year saw the FSA impose record fines on investment banks JP Morgan and Goldman Sachs of A?33.3 million and A?17.5 million respectively.

Investment banks are among the firms receiving the biggest fines this year.

The FSA has also banned 60 people from working in the financial sector in 2010.

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