Research from EY's fraud investigation and dispute services team - based on 74 separate investigations concluded in the last year - show that three-quarters of investigations (76%) concluded in the last half-year related to financial services. Fines to the sector amounted to £154 million, which accounted for 93 per cent of fines.
Tough stance
John Smart, head of the team, said: “While the total value of fines issued so far this year is down £56m compared with the second half of 2012, this is as a result of one extremely large fine in late 2012. Furthermore, when disregarding any fines over £30m, we have seen an increase in the average fine handed out by regulators (from £2.8m to £3.9m), indicating the continuing tough stance that regulators are taking across all industries.'
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