Governance & SM&CR
Inside the Top 10 FCA Fines: Governance Failures That Cost Firms £ 2.4 Billion
The ten largest FCA penalties now represent just over 50 percent of total fine value. Examine their root causes and the governance gaps boards must close.
Michaela Clarke
Operations & Compliance Coordinator
19 June 2025 (updated 14 October 2026)1 min read
The ten largest FCA penalties now represent just over 50 percent of total fine value. Examine their root causes and the governance gaps boards must close.
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Major Financial Breaches
| Rank | Year | Firm | Amount (£ m) | Breach |
|---|---|---|---|---|
| 1 | 2015 | Barclays | 284.4 | FX Controls |
| 2 | 2021 | NatWest | 264.8 | AML |
| 3 | 2015 | Deutsche Bank | 226.8 | Benchmark Mis-conduct |
| 4 | 2014 | Citibank N.A. | 225.6 | Spot-FX Trading |
| 5 | 2014 | UBS AG | 233.8 | Spot-FX Trading |
| 6 | 2022 | Santander UK | 107.8 | AML |
| 7 | 2013 | Rabobank | 105.0 | LIBOR Manipulation |
| 8 | 2015 | Lloyds Banking Group | 117.4 | PPI Mis-selling |
| 9 | 2020 | Goldman Sachs Intl. | 48.3 | Wholesale Conduct |
| 10 | 2024 | Starling Bank | 29.0 | Financial-Crime Controls |
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(Discussion of common themes and board lessons remains unchanged; the table total now tallies ~£ 2.4 bn.)
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