‘A Haven For Dirty Money’: Nearly Half of All Corporate Violations in the Past Decade Committed by Financial Sector

10/26/2021

The City of London, home to the UK's biggest banks. Photo: Pere Sanz/Alamy New data analysed by the Byline Intelligence Team shows the extent of fines handed out to the the largest banks – despite financial services contributing less than 7% to the UK economy

Good Jobs First's new Violation Tracker UK in the news:

"Almost half of all Government-decreed business violations actions are by the financial services industry – despite the sector contributing to less than 10% of the UK’s economic output, the Byline Intelligence Team can reveal.

Data from 2019 shows that the financial sector contributed to just 6.9% of the UK economy, but that the banking and finance sector was found guilty for 46% of the £9.8 billion fines handed down by Government agencies to the 10 British industries most punished for corporate misconduct over the past decade.

UK financial services have paid £4.5 billion in penalties since 2010, according to an analysis of a new database created by ‘Good Jobs First‘, which seeks to track companies’ irresponsible corporate behaviour. By comparison, fines for the next three most penalised UK industries – aerospace, telecommunications and utilities – amount to just £3.4 billion."

Read the full story here.