These major FCA fines shine light on compliance training needs

After a relatively quiet year in 2018, the FCA has already issued a staggering £389m in fines.

These include the second-largest fine of £102m against Standard Chartered for money-laundering, £45m for the Bank of Scotland for failing to be open and cooperative, and £34m for Goldman Sachs for poor reporting practices.

One of the most common threads in the issues that produced these immense fines, is a lack of employee awareness and a culture of wilful blindness. Rather than recognise problems and raise the alarm, too many individuals were focused on preserving their power, profiting personally, and sweeping irregular, improper and illegal acts under the carpet.

Awareness of the FCA rules is undoubtedly a core part of improving compliance. The primary mission of the FCA is clearly stated.

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