UK Politics

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UK energy regulator fines Morgan Stanley over WhatsApp messages (www.malaymail.com)

submitted 1 year ago by Syldon to c/uk_politics

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This is peanuts to the profit made on energy in the UK. Refusal to give up passworded digital messages when requested the legal system can lead to imprisonment.

And yet, these people have gouged the UK for billions. All supported by the government who have consistently refused to curtail their actions. So rather than criminalising their mates they hit them with a paltry fine which is probably less than the Tories got in donations.

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[–] tenebrisnox 3 points 1 year ago

Ofgem hit the bank with the £5.41 million fine after concluding it did not take “sufficient reasonable steps to ensure compliance” with its own policies around UK transparency and integrity rules.

Hmmm. Morgan Stanley's (public) yearly profit is close to $10 billion. We know that the energy companies have been making profits in the billions as well.

They should be fined billions not millions. It's the equivalent of convicting a murderer and punishing them by telling them "Your a naughty naughty boy" before letting them walk free.