The regulator, now called the Financial Conduct Authority (FCA), is perceived as putting so much pressure on financial institutions that the vast majority of them settle. Ali Sallaway, partner in Freshfields Bruckhaus Deringer, said: ‘Few firms have the stomach for a fight with the FCA. The process of enforcement doesn’t readily allow firms the opportunity to put forward their case before internal FCA decision-making has already taken place.’ Nevertheless, the fines levied in London are much smaller than those coming out of the US at the moment. Source: Bloomberg