Fines totalling £ 7 ##m have been handed out by the Financial Conduct Authority in 1H2016 , down from £ 819 m the previous year . King & Wood Mallesons said: “I think the figures indicate the FCA is in the process of restocking its enforcement book following resolution of the foreign exchange investigations in mid-2015 and the release of staff who had been fully occupied there. The number of fines in the first half of 2016 was also down , 13 compared to 18 in 2015 . The reduced numbers coincide with the arrival of chief executive Andrew Smith , who replaced the ousted David Wheatley , considered by many to be a hardliner . Experts expect to see an " uptick in fines " in the second half of this year .
Fines totalling £ 7 ##m have been handed out by the Financial Conduct Authority in 1H2016 , down from £ 819 m the previous year . The number of fines in the first half of 2016 was also down , 13 compared to 18 in 2015 . The reduced numbers coincide with the arrival of chief executive Andrew Smith , who replaced the ousted David Wheatley , considered by many to be a hardliner . Experts expect to see an " uptick in fines " in the second half of this year .