FCA Imposes Largest Ever Fine on Retail Sole Trader

    View Authors June 2013

    In a previous article dated 7 June 2013, we reported that the Financial Conduct Authority’s (“FCA”) enforcement activities would continue to be driven by the policy of “credible deterrence” taking tough, targeted, effective enforcement action against misconduct in the regulated sector as a way of changing marketing behaviour.

    We also suggested that we could expect to see a further FCA crackdown on advisers with a pattern of ever higher fines on those that break FCA rules.

    Less than two weeks later, on 19 June 2013, the FCA announced that it has imposed its largest ever fine on a sole trader in a retail business.