FCA fines should not be used by the Treasury to support Government spending. They should be used to reduce FCA costs for regulated firms

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FCA fines should not be used by the Treasury to support Government spending. They should be used to reduce FCA costs for regulated firms

Additional Information

FCA fines until mid Dec. 2014 were £1,461,875,800. Statutory Instrument 2013 #418 sees HM Treasury using fines to support government ‘altruistic spending’.

Prior to SI 418 being voted into statute fines were used to reduce the regulatory cost burden on firms, rewarding good practice at expense of bad.

This is no longer the case

£1.37bn in FCA fines is being ‘skimmed’ by the Treasury, used assuming Government spin is correct on good causes various, such as sending Tower of London Poppies on a UK tour

FCA costs of £264m plus an FSCS budget of £313m sees fines exceeding regulatory costs by £894,431,800.

This Treasury grab is unfair, immoral & must stop.

Parliament should reverse SI 2013 No218 allowing consumers to benefit instead by way of lower product charges and access to lower cost independent financial advice as a result of fines for bad behaviour reducing regulatory costs on MY firm.

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