The FCA has 'written off' over £10m in 'discounts' on penalties for financial services which have broken rules, according to an analysis by international law firm Pinsent Masons.

Since its inception on 1 April, the FCA has published around 30 enforcement notices, of which almost a quarter have allowed for a discount on the penalty levied.

Discounts are typically applied where the business under scrutiny accepts some degree of wrongdoing at an early stage in order to secure a speedier resolution.

Although this type of early settlement typically reduces enforcement costs for the City watchdog, they have been controversial in the past.

In February this year the Treasury Select Committee said that regulators should be prepared to take a tougher line in settlements with banks found to have broken the rules.

Over recent months financial institutions including JP Morgan and Swinton have been granted discounts of 30% for compliance with regulatory investigations. In total £10,049,549 has been written off as a result.

Monica Gogna, a regulatory expert in the Financial Services group at international law firm Pinsent Masons, says:

"The discounting regime is an effective way of incentivizing regulated businesses to comply with investigations. People may be surprised by the £10m figure though, and will be watching carefully to see whether the recent run of discounts is a 'flurry' or a more subtle shift in FCA policy."

Latest press releases

Show me all press releases

Pinsent Masons advises Bodymed AG on the sale to Nestlé Health Science

The multinational law firm Pinsent Masons advises the holding company of the founder Dr Hardy Walle on the sale of all shares of Bodymed AG to Nestlé Health Science.

Pinsent Masons secures 11th place in Financial Times Diversity Leaders 2021 Report

Multinational law firm Pinsent Masons has been named as a top 20 Diversity Leader by the Financial Times, ranked 11th in its Diversity Leaders 2021 report.

Pinsent Masons advises shareholders of Goodtill on its sale to SumUp

Multinational law firm Pinsent Masons has advised the shareholders of Goodtill on its sale to SumUp

People who viewed this press release also viewed

Show me all press releases

Pinsent Masons advises shareholders of Goodtill on its sale to SumUp

Multinational law firm Pinsent Masons has advised the shareholders of Goodtill on its sale to SumUp

Pinsent Masons advises Australian Gas Infrastructure Group on its landmark A$4 billion debt programme

Multinational law firm Pinsent Masons advised Australian Gas Infrastructure Group (AGIG), one of the largest gas infrastructure businesses in Australia, on its new funding vehicle and secured AUS$4 billion debt programme.

Pinsent Masons rolls out the Mindful Business Charter in the Middle East to promote mental health and wellbeing

Pinsent Masons has rolled out its Mindful Business Charter across its business in the Middle East. It adopts and promotes a culture of openness about mental wellbeing and encourages working arrangements that will reduce the unnecessary causes of stress and pressure in the workplace thereby ensuring higher team performances.

For all media enquiries, including arranging an interview with one of our spokespeople, please contact the press office on

+44 (0)20 7418 8199 or 

Location contacts