In a year that has seen mis-sold PPI grab all the financial industr headlines with tales of mis-selling and billion pound refunds, the Financial Services Authority (FSA) has handed out record levels of fines. A total of £54.5 million has been levied against offending companies which is a hefty amount but not enough to make George Osborne, the Chancellor, change his mind about shutting down the financial watchdog.

Last week the coalition Government announced that the FSA would be replaced by 2012 on the grounds that the regulator didn’t do much regulating. In response to this the FSA handed out £1.2 million in fines in one day, £500,000 for the photo booth comapany Photo-Me and £700,000 to the money broker Vantage. Still getting replaced though, too little too late.

Related posts:

1. Mis-sold PPI Costs Swinton £770,000 in Fines From The FSA
2. Mis sold PPI And Banking Scandal Finally Catches Up With FSA
3. Mis Sold PPI Claims Reach Record Levels
4. PPI Claims Reach Record Highs
5. Mis Sold PPI And Unfair Bank Charges Weren't Prevented Effectively By The FSA