Fines levied by the FCA rocket more than 500 per cent

The value of fines issued by City watchdog the Financial Conduct Authority (FCA) this year has soared to £391.8m.

Research from law firm RPC found the level of fines so far this year was up more than 550 per cent on the £60m levied last year.

The increase in fines by the FCA has been driven by a crackdown on the mis-selling of financial products, which accounted for £163m, and the mis-reporting of financial data, which accounted for £62.6m.

Read more:Prudential hit with £23.8m fine for annuity mis-selling

The increase in fines from the FCA has been driven by a crackdown on mis-selling of financial products, which accounted for £163m of the total fines issued by the FCA, and mis-reporting of financial data, which accounted for £62.6m.

The FCA reinforced its commitment to protecting consumers from financial mis-selling in its 2019-20 business plan. 

The largest fine issued to a financial institution for mis-selling in the last year was £30.8m for Standard Life for mis-selling pension annuities.

Read more: Goldman Sachs fined £34m by City watchdog for transaction reporting failures

The regulator has also cracked down on misreporting transactions as its relies on data from banks to spot discrepancies on deals that could indicate fraud or market abuse.

Goldman Sachs was hit with a £34.3m fine in March for failing to provide complete and timely data on a raft of transactions over a 10-year period.

Jonathan Cary, partner at RPC said: “Banks have been firmly in the FCA’s firing line this year, with huge penalties levied. 

“After several years of relatively low levels of fines, the FCA is baring its teeth.”

The FCA declined to comment.