Kinetic Partners website
The Financial Conduct Authority hit British firms with fines totalling £506.94m in 2013, according to new research.
The research from Kinetic Partners, a global professional services firm, also revealed that the penalties levied by the FCA on individuals totalled £5.42m in 2013.
While the amount of fines on individuals only accounted for slightly more than 1%, the number of fines that the FCA brought against individuals (20) accounted for 44% of the total number of cases during the same period.
Nick Matthews, senior member of Forensic and Corporate Recovery Practice at Kinetic Partners, said: "Our research shows that British firms continue to be fined and demonstrates the increasingly tough stance that regulators are taking against financial services firms. Regulators have certainly publicised their efforts to increase enforcement activity and deter negligent or harmful behaviour."
Mr Matthews added: "For those working in financial services firms with oversight responsibilities, ensuring you have done everything you can to mitigate the risk is becoming ever more important."
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