Top 10 largest FSA fines ever

1 min Read Published: 19 Apr 2011

Fines imposed by the Financial Services Authority (FSA) on UK financial institutions are  a regular occurrence these days, but who are the real villains who have suffered the largest fines?

Top 10 FSA fines ever

1. £33,320,000 - J.P.Morgan Securities Ltd (03/06/10).
Failing to protect client money by segregating it appropriately.

2. £17,500,000 - Goldman Sachs International (09/09/10).
For weakness in controls resulting in failure to provide FSA with appropriate information.

3. £17,000,000Royal Dutch/Shell Group of Companies (28/08/04).
Market abuse

4. £13,900,000 Citigroup Global Markets Ltd (28/06/05).
Breaching FSA Principles 2 and 3 by failing to conduct its business with due skill, care and diligence

5. £8,000,000UBS AG (05/11/09).
For systems and controls failure that enabled four employees to carry out unauthorised transactions involving customer money on 39 accounts.

6. £7,700,000Barclays Bank plc (18/01/11).
For failures in relation to the sale of two funds.

7. £7,000,000 Toronto Dominion Bank (17/12/09).
For repeated systems and controls failings around the pricing of sophisticated financial products.

8. £7,000,000Aliance & Leicester Plc (07/10/08).
For serious failings in its telephone sales of payment protection insurance.

9. £6,363,643 Deutsche Bank AG (11/04/06).
Breaching FSA Principle 5 and Principle 2.

10. £5.600,000Royal Bank of Scotland Group (02/08/10).
For failing to have adequate systems and controls in place to prevent breaches of UK financial sanctions.

Image: Rob Wiltshire / FreeDigitalPhotos.net

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