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Total fines from the Financial Conduct Authority (FCA) this year reached £214 million for 25 businesses that breached its rules.
Almost half of that figure comes from a £108m fine imposed on Santander UK earlier this month over the risk of financial crime in the retail banking sector.
The latest institution to face a big fine is TSB, which has been fined a combined £48.65m by the FCA and its sister regulator, the Office for Industry Regulation, for failing to manage risk and governance after blocked IT updates affecting branches. From customers using its services in 2018
Although TSB completed the data migration, the company's IT platform immediately experienced a technical failure that disrupted the continuity of the bank's services, including branch, telephone, online and mobile banking.
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The initial problem affected all TSB branches and a significant proportion of its 5.2 million customers, with some customers left stranded months after the initial problem emerged.
Mark Steward, the FCA's executive director of enforcement and market surveillance, said: “The failings in this case were widespread and serious and had a real impact on the day-to-day lives of a significant number of TSB customers. Uncertain. "
Other firms fined by the FCA this year include Metro Bank (£10m), Citigroup Global Markets (£12m) and Julius Baer International (£18m).
According to the FCA, fines totaled £568m last year, although almost half of that, £265m, was imposed by a court on NatWest Bank after a successful prosecution by the bank's regulator for non-compliance with money laundering rules.
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The FCA imposes fines according to a five-step formula set out in the regulator's handbook in the section on sanctions.
The five steps include "differentiation" - where the regulator seeks to deprive the firm of any benefits arising from a breach of financial rules - the seriousness of the breach, mitigating and aggravating factors, deterrence and settlement discounting.
Each FCA enforcement notice sets out the reasons for a particular level of financial penalty and the calculation of how it determines the final amount.
As for what is done with fines imposed by the regulator, an FCA spokesman said: “We reimburse some of the costs and the rest goes to the Treasury.
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National Savings and Investments (NS&I), the government-backed bank that oversees premium bonds, is increasing the number of rewards available in the new year - and raising savings rates on many accounts.
From 1 January 2023, NS&I will add around £80m to the premium bond prize pool, creating 15,750 additional prizes in the monthly draw.
Most of the new prizes will be worth £50 and £100, but the number of larger prizes is also increasing
The number of £100,000 prizes will increase from 18 to 56, the £50,000 prize will increase from 36 to 112. The number of £25,000 prizes will increase from 71 to 223
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Only two £1m prizes will be awarded in each monthly draw and the odds of winning are 24,000 to 1.
Ian Ackerley, chief executive of NS&I, said: “New Year's rise in premium bond funding rates will mean consumers will see premium funding rates triple in less than a year. This means a larger prize fund and a higher price value for our customers. "
NS&I has increased interest rates on three of its variable rate savings products with immediate effect, affecting more than 570,000 customers.
The bank's direct saver and income bonds are now 2.30% AER (variable) - up from 1.80% - while its investment account rate rose slightly to 0.60% AER (variable) from 0.40%.
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Jeremy Hunt, the Chancellor of the Exchequer, has unveiled sweeping plans to scrap and reform the City's regulations that will reshape Britain's financial services rules.
Hunt said today's proposals, dubbed the "Edinburgh reforms" after the location of the meeting between Mr Hunt and bank chiefs, were designed "to take advantage of Brexit".
He added that deregulation would help "turbocharge growth" in the UK and put it in a stronger position to compete with international rivals.
The Treasury believes many of the proposed changes are possible because of the "independence" the UK has gained by leaving the European Union.
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It includes relaxing the so-called "ring-fencing" rules on banks - drawn up after the 2008 global financial crisis - to advise on the possibility of a new central bank digital currency.
After the 2008 crash, demarcation rules were put in place for banks that have both a retail and an investment arm to keep the two parts separate. It was designed to reduce risk and prevent banks from contagion and collapse
During the 2008 financial crisis, many problems in investment banking led to undue pressure on retail collateral, which hurt banks as a whole.
Current rules require lenders with more than $25 billion in deposits to formally separate consumer operations from their investment banking endowments to protect retail customers.
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Enforcing the rules is expensive, with some lenders saying their introduction could "ossify" the banking sector. The ring-washing itself has also raised questions as investment banking is largely non-existent at many UK lenders hit by the financial crisis.
Any easing is also likely to attract criticism Sir Paul Tucker, a former deputy governor of the Bank of England, told the Financial Times earlier this year that "caps can help protect citizens from a banking armageddon".
Mr Hunt said there were also plans to change the tax treatment of investment trusts in the property sector and to change the rules on short selling, where traders are betting that the value of an asset such as company shares will fall.
The Government has today published the first consultation on proposals to modernize the Consumer Credit Act to "encourage innovation in the credit sector and reduce costs for consumers and businesses".
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Matt Barrett, Head of Adaptive Financial Consulting, said: “The Government's announcement to liberalize financial services regulation to increase competition is welcome. In practice, however, this will need to be done carefully to ensure that financial institutions that have spent years do not have to stop investing massively in order to implement the regulations across the EU. "
Chris Cummings, chief executive of the Investment Association, said: “The Investment Association shares the Government's vision for an open, sustainable and internationally competitive financial services industry that serves the interests of investors and the interests of the wider economy.
Today's Edinburgh reforms are a welcome recognition of the need for reform to strengthen the UK's position as a leading global center for financial services and, importantly, recognize the place of investment management at its heart.
"Consumer credit law reform will be the biggest shakeup," says Myron Jobson, senior personal finance analyst at Interactive Investor.
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