Fines imposed by the Financial Conduct Authority on banks in 2020 include:
• £26m – Barclays
• £38m – Commerzbank
• £48m – Goldman Sachs
• £64m – Lloyds
The fines were related to inappropriate conduct or the unfair treatment of customers.
Here are some fines imposed on banks in 2019:
• £28m – UBS
• £34m – Goldman Sachs
• £46m – Bank of Scotland
• £102m – Standard Chartered
The fines were imposed for lack of transparency as well as breaching money laundering regulations. The notes show Bank of Scotland receiving a 30% discount on the fine.
Nascent fintech gets a bad rap (or a cease and desist) before it can demonstrate its promise, meanwhile the incumbents quietly pay their fines year after year. Sometimes at a discount.