Question to the HM Treasury:

To ask Her Majesty’s Government in how many instances since 2007 did the Financial Conduct Authority increase a financial penalty as a result of a firm failing to take disciplinary action against staff; and in each case, what was the reason for the increase.

Information on the FCA’s enforcement powers and its policy for financial penalty is set out in detail in the enforcement section of their website, and in their Handbook.

The FCA does not seek to agree specific disciplinary action firms should take against individuals. If the FCA thinks that disciplinary action should be taken against individuals, it can and does take that action itself.

We have passed Lord Mendelsohn’s questions on to the FCA, who will reply directly to him by letter. A copy of the letter will be placed in the Library of the House.