Reuters UK – Britain’s Financial Services Authority (FSA) plans to triple some of the fines it imposes on financial sector wrongdoers as part of a crackdown on offences such as mis-selling and insider dealing.

The bigger fines are designed to deter firms and individuals from breaking market rules by making the costs of doing so prohibitively high, the FSA said in a statement on Monday.

"By hitting companies and individuals in the pocket where it hurts, the fines will be a stark warning to others on what they can expect to pay for flouting our rules," FSA director of enforcement Margaret Cole said.

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