FSA to Look At Possible Higher Fine Penalties

July 2009

The Financial Services Authority (FSA) has announced it will be looking to make the current system more transparent and clear and also review it’s positioning on the fines it imposes. Some believe this could even see some fines triple.

The changes come ad mist speculation that many companies governed by the FSA are failing to address improvements to standards in their practices including the major issue of not selling their products and services correctly and inline with expected standards laid out with the Financial Services Authority. For example if an insurance broker fails to make clear or disclose all the correct information when selling car insurance policies.

The changes to the fine system will take into account many new factors and include reviews on income related to the issue and also other factors to help deter the same happening in the future.

There is a likelihood changes could come into effect by 2010.