FSA takes foot off the pedal with lull in fines

The regulator only imposed one penalty of £66,062.50 during October, bringing the total amount of fines in 2010 so far to £85,138,281.50.

Wolters Kluwer Financial Services, which monitors the fines imposed by the FSA, said October 2010 was a quiet month for the regulator.

Mary Stevens, regulatory editorial group UK manager at Wolters Kluwer, said on current 2010 standards, the one fine imposed for an offence of market abuse of £66,062.50 for October was "miniscule".

Ms Stevens said: "This represents just 0.08 per cent of total fines issued in 2010.

"The current total number of fines issued for the year stands at £85,138,281.50.

"This significant decrease in monthly penalties could mean that the expected £100 million record target that was suggested earlier in the year may now not be met.

"One could argue that the FSA is taking its foot off the pedal as it gears itself up for a change in its regulatory structure with the expectation this will occur over the next 12 to 18 months."

Heidi Ashley, spokesperson for the FSA, denied the FSA was winding down its fines.

She said: "We see cases through to fruition and publish them when appropriate.

"We are continuing business as usual."