City regulator fines balloon to £320m in six months

Financial services watchdog starts to mete out stiff penalties after years of much-criticised inactivity

The City regulator imposed more fines on companies in the first half of 2019 than in the previous three full years as it faced mounting pressure over failing to protect customers of the financial services industry.

In the six months to the end of June, the Financial Conduct Authority (FCA) imposed 10 fines worth a total of £319.2m – more than five times the annual total for 2018 of £60.5m. Fines in the first half of 2019 outstripped the combined total for the previous three years of £311m.

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