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| Armed forces charities to get £35m from fines levied by City regulator | Armed forces charities to get £35m from fines levied by City regulator |
| (30 days later) | |
| Charities and support groups helping the armed forces are to be handed £35m in fines levied by the Financial Services Authority (FSA), George Osborne has revealed. | Charities and support groups helping the armed forces are to be handed £35m in fines levied by the Financial Services Authority (FSA), George Osborne has revealed. |
| The windfall will include a share of the penalty slapped on Barclays for attempting to rig Libor, the Treasury said after the announcement in the chancellor's Birmingham speech. | The windfall will include a share of the penalty slapped on Barclays for attempting to rig Libor, the Treasury said after the announcement in the chancellor's Birmingham speech. |
| In the immediate aftermath of the Libor scandal – for which Barclays was fined a record £59.5m – Osborne made clear his intention to stop the profit from any fines being used by the FSA to reduce the fee that City firms are charged each year for regulation. | In the immediate aftermath of the Libor scandal – for which Barclays was fined a record £59.5m – Osborne made clear his intention to stop the profit from any fines being used by the FSA to reduce the fee that City firms are charged each year for regulation. |
| David Cameron had earlier told delegates: "We don't think it's fair that the fines from scandal-hit banks go back into the banking industry. That is why we are directing £35m from banking fines this year to supporting our armed forces, veterans and their families." | David Cameron had earlier told delegates: "We don't think it's fair that the fines from scandal-hit banks go back into the banking industry. That is why we are directing £35m from banking fines this year to supporting our armed forces, veterans and their families." |
| The £35m to be handed over is the total of fines levied by the FSA for breaches of its rules since 1 April after taking into account the cost of bringing the cases. The Treasury has not yet made a decision on what will happen to the proceeds of any fines for the remainder of the year. But eventually the fines will go directly the exchequer, either to reduce debt or bolster public spending, rather than the armed forces. | The £35m to be handed over is the total of fines levied by the FSA for breaches of its rules since 1 April after taking into account the cost of bringing the cases. The Treasury has not yet made a decision on what will happen to the proceeds of any fines for the remainder of the year. But eventually the fines will go directly the exchequer, either to reduce debt or bolster public spending, rather than the armed forces. |
| So far this year the FSA has announced fines of £103m, while in 2011 it took £66m in fines. | So far this year the FSA has announced fines of £103m, while in 2011 it took £66m in fines. |
| The allocation of the £35m will be made by the Armed Forces Covenant Reference Group after consultation with the government, services families and charities. It will go to healthcare, housing, education and support after service. | The allocation of the £35m will be made by the Armed Forces Covenant Reference Group after consultation with the government, services families and charities. It will go to healthcare, housing, education and support after service. |
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