U.K. Regulatory Fines Soar Amid Crackdown on Financial Crime
- Libor, FX scandals spark 2.5 billion pounds in fines, EY Says
- Regulators bow to political pressure and take on tougher cases
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U.K. regulators have cracked down on corporate wrongdoers following a series of scandals, including the rigging of Libor and foreign currencies, handing out record fines and seeking more criminal penalties.
Fines issued by the Financial Conduct Authority, the Serious Fraud Office and the Competition and Markets Authority soared 271 percent to 2.5 billion pounds ($3.7 billion) during the two years through November, accounting firm Ernst & Young in London said in a report Monday. The average fine climbed from 11 million pounds to 42 million pounds during the period.