Two companies and six people were fined. Fines totalling £7m have been handed out by the Financial Conduct Authority in 1H2016, down from £819m the previous year. The number of fines in the first half of 2016 was also down, 13 compared to 24 in 2015. The reduced figures coincide with the arrival of chief executive Andrew Bailey, who replaced the ousted Martin Wheatley, considered by many to be a hardliner. In total, £2.4bn has been paid out since 2010 for mis-selling financial products and products, including mortgages, credit cards and car loans.
Fines totalling £7m have been handed out by the Financial Conduct Authority in 1H2016, down from £819m the previous year. The number of fines in the first half of 2016 was also down, 13 compared to 24 in 2015. The reduced figures coincide with the arrival of chief executive Andrew Bailey, who replaced the ousted Martin Wheatley, considered by many to be a hardliner. In total, £2.4bn has been paid out since 2010 for mis-selling financial products and products, including mortgages, credit cards and car loans.