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. £17,000,000 - Royal 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. £8,000,000 - UBS 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. £7,700,000 - Barclays 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. £7,000,000 - Aliance & 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. £5.600,000 - Royal 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
Book a free financial review
Looking to ensure your finances are on track? Our partner Unbiased will arrange for a qualified, FCA-regulated adviser to contact you
- Discuss your financial situation
- Identify what steps, if any, you should take
- Free and without obligation
