UK banks have incurred fines totalling £178.3m in the last year, new estimates have indicated.

Data obtained by Finbold revealed that between June 2022 and now, Santander UK has accounted for the largest portion, with £107.3m, representing approximately 60% of the cumulative penalties.

As the financial regulatory landscape in the UK has become increasingly tighter, the banking sector has subjected to accelerated enforcement actions.

TSB Bank followed with the second highest fine, amounting to £29.6m, while Citigroup Global Markets Limited ranked third, with fines totalling £12.5m. The fourth highest penalties were attributed to Metro Bank, amounting to £10.0m, while Guaranty Trust Bank completed the top five with fines totalling £7.6m.

Other banks that have incurred high fines in the last year include Ghana International Bank (£5.8m), Al Rayan Bank (£4.0m), and Gatehouse Bank (£1.6m).

Finbold’s report has highlighted the implications and nature of the fines affecting the UK banking sector.

“The fines shed light on the extent of the penalties imposed, underscoring the pressing need for enhanced compliance and ethical practices within the banking industry,” the report said.

“Notably, numerous instances of enforcement actions have shared a common thread: the occurrence of comparable circumstances where an institution becomes aware of its shortcomings or flaws but falls short of rectifying them sufficiently.”

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