This is an almost fourfold increase on £156m imposed by the regulator last year. It is also the highest value seen in six years, according to law firm RPC.
The rise was dominated by four “blockbuster” fines, each worth well over £50m. Last year saw just one fine issued for more than £50m.
The largest fine of £265m was imposed on NatWest, for failing to comply with anti-money laundering measures.
HSBC received a £64m fine for similar failures. The fine would have been £91.3m if the bank had not agreed agreed to settle at the earliest possible opportunity, which meant it qualified for a 30% discount.
Credit Suisse was fined nearly £150m for failures in its anti-bribery controls.
Lloyds Bank was fined £90m for treating consumers unfairly in the renewal of their home insurance.
The number of fines has also increased by 57% in the past year, from seven to 11.
However, financial penalties do not capture the entire array of the FCA’s enforcement.
As well as non-financial penalties, the FCA has a number of tools at its disposal such as withdrawals of authorisation and variations of permission to prevent businesses carrying out certain activities.
The FCA has been working hard to clear a backlog of cases this year.
With many past cases dealt with, RPC said it expects new investigatory activity to pick up in 2022.
RPC partner Jonathan Cary said: “This year, financial institutions have again been reminded that the FCA will not hesitate to impose sizeable fines – sometimes in the hundreds of millions – for serious failings.
“While the increase in the value of fines is striking, that alone, does not capture the complete picture of the FCA’s enforcement activity over the last 12 months.
“The FCA has a range of other tools it is increasingly prepared to use beyond imposing a major fine. Having permissions withdrawn or varied can be even more serious for a regulated firm.
“While resource does remain an issue, having managed to clear some large cases and with the efforts to rationalise its caseload, the FCA will be looking to ramp up its enforcement activity in the year ahead.”
