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Financial Services Fines Surge in 2023

Financial Services Fines Surge in 2023

by Starling Insights

Starling Insights Editorial Board

Jan 29, 2024

Observations

US CFTC US SEC UK FCA France USA UK Regulatory Trends The Costs of Misconduct

According to regtech firm Steeleye, global fines against financial services firms surged in 2023. This was led by US regulators, and particularly by a record year for the US Commodity Futures Trading Commission (CFTC).

"The findings suggest watchdogs are maintaining their aggressive attitude to enforcement actions and expanding beyond the large tier-one banks and headline-grabbing fines," said Matt Smith, CEO and co-founder of SteelEye. "With fines a growing threat to firms of all sizes, it's crucial they invest in the necessary measures — not least looking to harness machine learning and artificial intelligence — to reduce the growing due diligence skills gap and, ultimately, avoid the risk of further imposed penalties in 2024."

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