FSA fines jump 153% in 2010

In a year which saw the regulator step up it enforcement activities, the £88.8m total far outstrips last year's £35m. Investment banks were the main contributors to the regulator's coffers, with J.P.Morgan, Goldman Sachs, state-owned RBS and Societe Generale contributing almost £58m. Goldman Sachs was pulled up for weakness in controls while Societe Generale was fined for failing to provide accurate transaction reports. J.P.Morgan was reprimanded for failing to protect client money and RBS - which is 84% owned by the UK taxpayer - was punished for failing to have adequate systems a...