'Mega-fine' lined up by City watchdog

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.