FCA slapped firms with fines totalling £884m last year

UK regulator handed out over £884 million worth of fines last year to 17 companies in the financial industry.

The Financial Conduct Authority (FCA) reported it imposed financial penalties to 17 firms totalling over £884 million, over the course of the last year.

The regulator’s annual report – for the year ended March 2016 – outlined the figures through cases brought to court for prosecution and fines.

In 2015, the FCA handed Barclays a £72 million fine for its “poor handling” of money laundering and terrorist financing.

Deutsche Bank was given the FCA’s largest ever imposed fine for Libor related manipulation.

The regulator explained: “Deutsche Bank gave us misleading information and provided the FCA with a false attestation that stated its systems and controls in relation to Libor were adequate.”

Acting chief executive, Tracey McDermott said the firm continues to take “tough action” against those who “do not meet our standards.”

She added that taking such enforcement continues to be a “critical element of [the FCA’s] work.”

The figures show the total amount imposed by the FCA has decreased from 2014, when fines totalled £1.4 billion from 20 companies.