US Insurers May Need To Be Afraid Of The UK's FSA

Law360, New York (August 29, 2012, 1:35 PM EDT) -- Not long after he was appointed CEO of the U.K.'s Financial Services Authority, Hector Sants said that individuals and firms should be "very afraid of the FSA." Some people laughed, but not very loudly, and not for long. This was premature.

Sants was appointed CEO of the FSA in 2007. The FSA imposed $8.4 million worth of fines that year. The total value of FSA fines imposed between 2002 and 2007 was $123.6 million. The largest single fine imposed in that period was $26.7 million for...
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