Fines levied by the City watchdog have rocketed tenfold over the last year to almost £230m

Lucy White
General Views Of Central London
Deutsche Bank was slapped with the largest fine of the year (Source: Getty)

The value of fines handed down by the City watchdog in 2017 has increased more than tenfold year-on-year to £229.4m, new figures reveal.

This is the first time since 2014 that the level of monetary penalties levied by the Financial Conduct Authority (FCA) has increased, though it is still far behind the £1.5bn peak reached in fines that year.

In 2017 so far, the Financial Conduct Authority (FCA) has issued 12 fines – 67 per cent of which were against individuals rather than companies, a slight rise from last year.

Read more: City watchdog slaps Merrill Lynch with £34.5m fine for derivative trading failings

The value of fines was "certainly a far cry from the £1.5bn of 2014, but it will still be worrying senior executives – especially because it appears that the regulator is continuing to place greater attention on individuals than in previous years," said John Whittaker, a partner at law firm Clyde & Co.

"Recent regulatory changes, which are aimed at holding individuals to account for any behaviour that strays outside of the regulator's rule book, certainly support this trend."

The huge rise in fines might also be a sign of the FCA resolving its own internal issues, after a period which saw it run by three different chief executives in just over a year, according to law firm RPC.

The largest fine during 2017 was when Deutsche Bank was slapped with a £163m penalty for serious anti-money laundering failures.

Read more: Rio Tinto slapped with largest-ever fine from FCA for failing to write down multi-billion dollar assets

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