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New banking watchdog chief warns of punitive fines

Banks and building societies could face fines punitive fines and naming and shaming under proposals from the new head of the banking industry watchdog.


Banking Code Standards Board chief executive Seymour Fortescue says he will look at adding to the penalties available. Currently the board has no power to fine member firms.


Implementation of such rule changes are likely to prove controversial, even leading to banks and societies quitting the voluntary code if the penalties are to punitive.


But Fortescue believes the scenario is unlikely to occur, with the larger banks adhering to the code as they are keen to avoid Governmental intervention.

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