U.K. Banks Face Higher Fines in Plan to Speed Cooperation
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Financial institutions and their employees risk higher penalties unless they co-operate immediately with investigators, a government report recommended today.
The Financial Conduct Authority should consider removing its graduated discount program and only give a 30 percent discount if cooperation is provided straightaway, rather than offering 20 percent and 10 percent discounts at a later stage, according to a review of enforcement processes at the London-based FCA and the Prudential Regulation Authority.