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Fines levied by UK finance regulator jumps to highest level in 4 years

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Fines levied by UK finance regulator jumps to highest level in 4 years

The U.K. Financial Conduct Authority has imposed a total of £391.8 million in fines so far in 2019, the highest level in four years and six times more than the amount in 2018, the Financial Times reported, citing data collated by law firm RPC.

The surge was mainly driven by enforcement actions on financial crime and misselling of financial products, with the latter accounting for £163 million of the total, according to the report.

The FCA handed out the largest fine to Standard Chartered PLC at roughly £102 million, which was part of a global total of $1.1 billion in penalties to settle charges that the bank breached sanctions on Iran and ignored concerns about customers, the FT noted.