Financial Services: Fines
The question
To ask the Chancellor of the Exchequer, if she has considered the efficacy of using FCA fines to fund hospices.
Answered by Lucy Rigby
Revenue from Financial Conduct Authority (FCA) fines is used to benefit the taxpaying public. First, the FCA deducts the costs of enforcement from its fine income. Any money left over is passed to the Treasury in accordance with the Financial Services and Markets Act 2000. The Treasury must surrender it to the Consolidated Fund and it is then part of the Government’s total revenues, used to pay for all Government spending on public services like hospitals, hospices, and other crucial services. The Government has no plans to change this approach.
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