'Mega-fine' lined up by City watchdog

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The Independent Online

City miscreants are expected to face an onslaught from watchdogs over the next three months after figures showed that the Financial Services Authority has levied just £14.6m in fines over the first quarter of 2012.

If those figures were extrapolated for the whole year it would point to a total fine count of £58.4m for 2012, which is down sharply on last year's total of £66.1m.

That was in itself a steep decline on the £89.1m of fines that were imposed in 2010.

However, The Independent has learnt that there could be at least one "mega-fine" in the next three months, with a number of smaller penalties being lined up.

The outgoing enforcer-in-chief, Margaret Cole, has warned the City to expect an increase in the level and frequency of fines for misdeeds.