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FSA imposes record fines in 2010

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by Kay Mitchell

Figures show that UK watchdog, the Financial Services Authority (FSA), has stepped up its fines this year after imposing a record £89 million in 2010, compared with £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 £33.3 million and £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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News posted: December 30, 2010

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