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Royal Dutch Shell Plc .com: Watchdog fines fall by a fifth

From The Daily Telegraph:
By James Quinn (Filed: 28/06/2006)

The value of fines imposed by the Financial Services Authority fell by 22pc in the year to March 2006.

Fines levied in the year by the City watchdog amounted to £17.4m, the bulk of which related to a near-£14m fine paid by Citigroup Global Markets, according to the FSA’s annual report.

In the previous year, the FSA imposed £22.2m of fines including £17m against Shell Transport and Trading.

Two weeks ago FSA chief executive John Tiner outlined his intention to regulate firms using a series of principles as well as strict rules.

Writing in the annual report, chairman Sir Callum McCarthy outlined the regulator’s intention to continue to be firm but fair in its actions, following a series of high-profile appeals against fines.

“It is in our interest as much as that of those we regulate that all our processes are fair and efficient… and I hope those we regulate will not be inhibited from making intelligent and constructively critical use of these systems.”

Sir Callum saw a 14pc rise in his pay-packet, earning £436,142 in the year to March, including benefits of £80,605.

Mr Tiner, who was off work for part of the year due to an illness, took home £572,619, including a bonus of £68,000.

The City regulator also reported that its pension deficit has widened from £78.9m in the last fiscal year to £89.5m. Net costs rose 6.4pc to £261.8m.

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