FSA imposes record fines in 2010
Figures show that UK watchdog, the Financial Services Authority (FSA), has stepped up its fines this year after imposing a record £89 million in 2010, compared with £35 million in 2009.
However, fines in the UK are still significantly lower than those imposed in the US, which usually exceed the $500 million mark.
This year saw the FSA impose record fines on investment banks JP Morgan and Goldman Sachs of £33.3 million and £17.5 million respectively.
Investment banks are among the firms receiving the biggest fines this year.
The FSA has also banned 60 people from working in the financial sector in 2010.