FSA could treble fines

The Financial Services Authority is planning to impose bigger fines on firms to ensure they better reflect the scale of the wrongdoing, which could mean some fines treble in size.

The FSA says the plans reflect its determination to change behaviour and address concerns that firms are repeatedly failing to improve standards.

It wants to ensure fines better reflect the scale of the wrongdoing and that any profits made from the breaches are clawed back.

Under the new proposals, fines will be linked more closely to income.

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