FSA's chief enforcer sends warning to banks

The Financial Services has already smashed its 2010 record of £89.1m in fines, with the running total standing at £94.2m for the first seven months of this year. And the FSA's new chief "policewoman", Tracey McDermott, has warned the City there will be no let-up in the tough line taken in response to a string of scandals. Speaking following her promotion from acting to permanent head of enforcement Ms McDermott said: "Effective enforcement has, and will continue to be a key part of the FSA's strategy. We will continue to take tough, targeted action against those who don't play by the rules". The £94.2m in fines in 2012 includes the record £59.5m penalty imposed upon Barclays for attempting to fix the Libor interest rate.