Crack down on financial crime- UK regulatory bodies have fined firms over £1billion since 2007
The Fraud Investigation and Dispute Services team at Ernst & Young has today released new research revealing that the total fines issued to UK firms and executives for fraudulent activity has exceeded £1billion in the past five years, with 68% of the fines being applied to the financial services industry (which equates to 55% of the total value).
The data compared the penalties imposed on firms and individuals alongside the reasons behind the fine. The investigation found that since 2007, UK companies have been fined a total of £976,119,238 whilst individuals have been fined a total of £45,967,462. The study found that 68% all cases of fraud over the past five years were within the financial services industry, with cases of financial fraud highest in the mortgage industry and specialized finance sector.
How do you like them apples?
Read the press release posted here: http://bit.ly/102NFL3
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