FSA has also warned banks to expect further scrutiny, with it stating that the British banks will experience no relaxation in the intense nature of the scrutiny into their business practices.
So far in 2012, the FSA has imposed fines totaling GBP94.2 million on banks, a figure that exceeds its previous annual record of penalties worth GBP89.1 million imposed in 2010.
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However, Ms McDermott has indicated the body has no plans to take a light stand in terms of punishing firms and that it will carry on taking tough, targeted action against lenders that fail to play by the rules.
"Effective enforcement has, and will continue to be, a key part of FSA’s strategy, to improve behavior in our markets," she said.
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