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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2010/12/record-year-for-fines-by-watchdog.jpg"><img class="alignnone size-full" title="Fines levied by the FSA nearly tripled during 2010 to a record £89 million" src="http://londonglossy.com/wp-content/uploads/2010/12/min-record-year-for-fines-by-watchdog.jpg" alt="Fines levied by the FSA nearly tripled during 2010 to a record £89 million"/></a></p>
<p>Fines levied by the UK markets watchdog nearly tripled during 2010 to a record £89 million as the regulator stepped up enforcement action in the wake of the financial crisis.</p>
<p>The Financial Services Authority (FSA) imposed the largest fines in its history on JP Morgan and Goldman Sachs, while it also banned 60 people from working in the financial sector.</p>
<p>The figure for penalties, which was disclosed in the Financial Times, compares with £35 million in 2009 and come as the FSA prepares for its own dissolution with the creation of the planned Consumer Protection and Markets Authority.</p>
<p>The UK is still well behind the United States, where fines for big groups routinely run above 500 million US dollars (£323 million).</p>
<p>JP Morgan set the UK record in June when it paid £33.3 million for failing to keep client money in separate accounts, while Goldman was fined £17.5 million for regulatory control failings that led the investment bank to neglect to tell the FSA that it was under investigation by US authorities.</p>
<p>However, critics believe the FSA&#8217;s focus on large fines is unhealthy. Nathan Willmot, partner at Berwin Leighton Paisner, said: &#8220;The regulator continues to be obsessed with how its enforcement cases will play out in the media.&#8221;</p>
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