This month, the House of Commons Committee of Public Accounts released its forty-first report of session 2015-16 which looks at ‘financial services mis-selling: regulation and redress’. The Committee is tasked with ensuring value for money of public spending and generally holds the government and its civil servants to account for the delivery of public services.
On 24 February, the National Audit Office of the UK published the findings of a report carried out by the Comptroller and the Auditor General which looked at financial services mis-selling. The definition of mis-selling is currently “a failure to deliver fair outcomes for customers” and this includes providing customers with misleading information or recommending
JWG analysis. Following our review of the $260,000,000,000 total cost of regulatory transgressions, we now take a look at what the actual fines are and what the future holds? Firstly, according to the LSE’s review of 2009-2013 fines, is that 38% of fines are related to control failures like governance, internal controls, market abuse and