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|Expert comment: increase in fines for individuals from the FCA|
|Tuesday, 21 June 2016|
Paul Cook, Founder at Alderbrooke, comments on the increase in fines for individuals from the FCA: “The news that the FCA has increased the number of fines served to individuals under the new accountability rules is further proof that regulators are serious about cleaning up the reputation of the financial services sector. Businesses must prepare for this continuing mission; turning a blind eye, or loosely interpreting the strict rules that have been set, is simply not an option and consequences will be felt.
“The entire financial services industry must understand that, if the accountability regulations do not yet effect them, similar rules are expected soon - so futureproofing any business is key. Banks, insurance companies, asset management firms and beyond must not treat regulation as a tick-box exercise. It is time to go beyond the requirements requested by the FCA by measuring and analysing corporate behaviour, and establishing leadership teams that have an innately good culture.”
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