FCA seeks stronger powers to raise fines on individuals
Key takeaways
- FCA seeks stronger powers to raise fines on individuals The FCA proposes to raise the minimum fine for serious market abuse.
- In a consultation paper, the regulator said it wants to be able to “increase for deterrence” fines that are based on an individual’s income where that income is later cut by an employer for the same misconduct.
- The tribunal still upheld the ban on Staley for “recklessly” misleading the regulator over his links to Jeffrey Epstein.
FCA seeks stronger powers to raise fines on individuals The FCA proposes to raise the minimum fine for serious market abuse. Credit: IB Photography/Shutterstock.com. · The Accountant · IB Photography/Shutterstock.com. Ellichipuram Umesh Tue, June 16, 2026 at 6:18 PM GMT+7 2 min read BCS The UK’s Financial Conduct Authority (FCA) is proposing changes to its penalty regime to allow higher fines on individuals, following tribunal rulings that forced it to reduce sanctions, including in the case of former Barclays chief Jes Staley.
In a consultation paper, the regulator said it wants to be able to “increase for deterrence” fines that are based on an individual’s income where that income is later cut by an employer for the same misconduct.
According to a Financial Times report , the move follows a decision that saw Staley’s fine reduced from £1.8m ($2.41m) to £1.1m after a judge ruled that the FCA should not have included deferred share awards later cancelled by Barclays when calculating his income.