FSA Warns Offenders Will Be Hit In The Wallet

Warning to all U.K. financial offenders: The sky’s the limit on fines.

Warning to all U.K. financial offenders: The sky’s the limit on fines. Tim Herrington, chief of the regulatory decisions committee at the Financial Services Authority, said in a Bloomberg News interview that if necessary, he would “remove the livelihoods” of financial service professionals who violate FSA rules. Herrington revealed his get-tough attitude as Philippe Jabre, former star trader at London-based GLG Partners, appeals a £750,000 (US$1.4 billion) fine for market abuse. A similar fine on another fund manager has been overturned, but Herrington warned, “We won’t be more lenient because we are worrying about getting appealed. I don’t judge my success in this role by how many people go to the tribunal,” which hears appeals. Herrington said there is “no ceiling” in the size of fines, and some of the highest fines imposed to date are still in the pipeline, according to Bloomberg News.