FSA fines show signs of slowing
This is according to Wolters Kluwer Financial Services. Commenting, Mary Stevens, manager for regulatory content, UK, at Wolter Kluwer, said: “After a particularly punitive start to the year FSA fines have tailed off suggesting a slowdown in financial penalties leaving last year’s near £90m figure safe in the record books.
“In accordance with monthly FSA Handbook Releases, the number of physical page changes is still just shy of 60,000 since 2001. The High Level Standards module of the FSA Handbook has seen the greatest yearly rise to date (893 page changes) with the first six months of 2011 showing the FSA’s shift in focus.
“The number of guidance consultations continues to trickle through but with only one such paper published in June 2011 this flow has slowed.
“Although the overall trend for June 2011 regarding FSA publications generally has seen a slower month the nature of other publications, notably the joint consultation from FSA and Bank of England on the future approach to supervising insurers and various publications from HM Treasury such as review findings of Money Laundering Regulations 2007 has meant compliance teams are no less busy.”