Financial Institutions: Fines

(asked on 18th July 2019) - View Source

Question to the HM Treasury:

To ask Her Majesty's Government what is the total (1) number, and (2) amount, of fines that have been imposed on banks and other companies in the financial sector since 2015; and what the money collected has been used for.


Answered by
Lord Young of Cookham Portrait
Lord Young of Cookham
This question was answered on 23rd July 2019

Information on the fines imposed on financial sector firms can be found on the FCA’s website.

Between financial years 2015/16 and 2018/19 the Financial Conduct Authority and the Prudential Regulation Authority have levied a total of 37 fines on banks and other financial sector firms. The total amount fined over this four year period was one billion, three hundred and sixty seven million pounds.

Since 2015 money from these fines, minus enforcement costs, has been transferred directly to the Government’s consolidated fund. Fine income entering the Consolidated Fund is not earmarked for any specific purpose but is instead part of the Government’s total revenues. Government revenues are used to pay for all Government spending on public services.

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