Today’s punishment for UBS takes total fines imposed by the Financial Services Authority so far this year to a record-breaking £150 million.
Last year the FSA collected £66.1 million in fines and the previous record was the £89.1 million imposed in 2011.
In the wake of June’s record £59.5 million fine on Barclays for Libor rigging, the Government announced that it would no longer allow such penalties to go back into the industry through lower FSA fees.
Chancellor George Osborne said that all fines (after the FSA’s expenses) would in future go direct to the Treasury.
At the Tory Party conference last month, Osborne announced that £35 million of this year’s fines would be given to charities and support groups helping the armed forces like Help for Heroes.
David Cameron said: “We don’t think it’s fair that the fines from scandal-hit banks go back into the banking industry. That is why we are directing £35 million from banking fines this year to supporting our armed forces, veterans and their families.”
