Six of the eight regulated firms that spoke at the FSA’s Treating Customers Fairly conference last week have racked up combined fines of over £4m for not treating their customers fairly.
Among speakers at the event in London were representatives from Prudential, Royal Bank of Scotland, Britannia, Friends Provident, Sesame and Investec.
All six have been hit with regulatory fines in the last six years for various offences totalling £4.4m.
Among the regulated firms on the bill, only Professional Partnerships and Just Retirement, which has only been in business for two years, have not been fined.
Pru was hit with a £650,000 penalty in 2001 as part of the pension review and subsidiary Scottish Amicable got a £750,000 fine in 2003 for endowment misselling.
Britannia received a fine of £500,000 in 1999 for pension misselling, Sesame was fined £290,000 in 2004 over pension unlocking offences and Friends Provident was fined £675,000 in 2003 for misselling mortgage endowments.
Royal Bank of Scotland was fined £750,000 for money-laundering control failings in 2002 while Natwest Capital Markets and Natwest Bank jointly paid £320,000 for breaking SFA principles.
Investec subsidiary Carr Sheppards Crosthwaite was fined £500,000 in 2004 for consumer protection failures.
Facts & Figures Financial Planners managing director Simon Webster says: “Maybe the FSA is starting to realise it has alienated so much of the financial services sector it feels it must reach out to the people it has previously fined.”