Belmont Thornton Logo
PPI Claims - About PPI

PPI Claim News

Loan Protection: FSA handed out record fines in 2010

Fines issued by the Financial Services Authority (FSA) almost trebled during 2010 compared to the previous year, it has been revealed.

The city regulator issued £89 million in fines during the past 12 months, including record fines handed out to JP Morgan and Goldman Sachs. A total of 60 people were also banned from working in the financial services sector.

The level of fines, which were disclosed by The Financial Times (FT), is considerably higher than last year's total of £35 million.

Nathan Willmot, partner at Berwin Leighton Paisner, expressed his belief that large fines are merely handed out to demonstrate the power of the FSA.

He told the FT: "The regulator continues to be obsessed with how its enforcement cases will play out in the media."

In June, JP Morgan was forced to pay £33.3 million for failing to keep its customers' funds in separate accounts, while Goldman Sachs was fined £17.5 million failing to notify the FSA that it was under investigation by US authorities.

Posted by Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his beltADNFCR-2776-ID-800317440-ADNFCR

Bookmark and Share
Tell a Friend
blog comments powered by Disqus

Enquiry Form

First Name 
Last Name 
Mobile Phone
Home Phone
Address Line 1 
Post Code 
Claim Back Mis-Sold PPI Button

Belmont Thornton Limited is regulated by the Claims Management Regulator in respect of regulated claims management activities; our registration is recorded on the website number 18273

Belmont Thornton Limited is incorporated in England and Wales, Company number 6621233, whose head office at Unit B11, Kestrel Court, Harbour Road, Portishead, Bristol, BS20 7AN and registered office at Harwood House, 43 Harwood Road, London, SW6 4QP.

Belmont Thornton Limited is registered with the Information Commissioners Office. Registration number Z1728023.

Please note that calls may be monitored for the purposes of staff training.

* Belmont Thornton operates on a "No Win No Fee" basis. This means that there are no upfront costs to pay. Our fee only becomes payable on a successful outcome of a claim. A cancellation fee is payable if you decide that having instructed Belmont Thornton to act on your behalf, and after 14 days of signing your Letter of Authority, you do not wish to continue pursuing your claim with us. The cancellation fee is the reasonable costs incurred for the work undertaken. Please see our terms of engagement.

By using our web-site, you agree that we can place the types of cookies described in our privacy policy on your device.Hide