UK FSA’s penalties policy could see enforcement fines treble
The Financial Services Authority (FSA), Britain's banking regulator, on Monday published its new framework for financial penalty-setting.
The framework, established following a period of consultation with the industry, is, the regulator said, "based on the three principles of disgorgement, discipline and deterrence."
Fines will be more closely linked to income and will be based on:
• up to 20% of a firm's revenue from the product or business area linked to the breach over the relevant period;
• up
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