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FSA to impose higher fines on financial criminals, say reports

The Financial Services Authority could impose higher fines on those who commit financial crime under new proposals due in the summer chief executive Hector Sants suggested last night.

Speaking at the Financial Services Lawyers Association last night, FSA chief executive Hector Sants said that the regulator was considering a new framework for the penalties it imposed, including higher fines, according to press reports.

Hants reportedly said: “The rationale for this is a perception that financial penalties have not been sufficiently large to deter wrongdoing in large institutions.”

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