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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



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