Mon, Dec 17, 2018

Nick Bayley Quoted in International Investment: Value of FCA Fines Down 88% in a Year

Nick Bayley, Managing Director in the Compliance and Regulatory Consulting practice at Duff & Phelps, spoke to International Investment about the drop in the value of fines handed down by the UK’s Financial Conduct Authority (FCA).

"Enforcement in the UK has undergone a significant shift and the recent drop in fines signifies the end of the big benchmark manipulation cases. The increased focus of many regulators around the world on individual accountability, led by the UK with the roll-out of SMCR, should lead to more and bigger fines against individuals in due course…. However, enforcement cases against individuals are almost invariably harder fought, less likely to settle and therefore will typically take much longer to result in a public outcome. This is one of the key enforcement challenges the FCA faces in the next few years, how to show the new individual accountability regime really has some teeth, when there are few public outcomes to point to," said Nick.

Read the full article in International Investment