Almost 50 penalties have been announced to date by the Financial Services Authority, more than twice as many as last year and half as much again as the previous record."
Another heavy year of penalties is expected in 2009.
"Fines so far have totalled £22.6m – the second highest amount yet. It would be a record were it not for the distorting effect on the 2004 £24.8m record of the £17m fine against Shell. The regulator has also pursued a series of cases related to mortgage fraud and for the first time began fining individual brokers, many for falsifying applications.
Fines relating to PPI mis-selling have accounted for more than £10m of the total this year, including £7m against Alliance & Leicester, the highest fine this year. PPI is designed to cover credit repayments in the event of accident, sickness or unemployment. Other high-profile scalps taken in the campaign include those of Egg, the internet bank, Land of Leather, the retailer, and HFC Bank, the UK unit of HSBC’s US operations."
The above is an extract of a news item published on www.FT.com 