The FCA handed out penalties totalling more than £623m last year to companies and individuals that breached its rules.

The watchdog levied £392m in fines to companies and individuals and ordered firms to pay out a further £231m in redress to customers.

This compares to total fines of just £60.5m in 2018, not including redress.

In 2017, total fines were close to the same level as last year at £230m.

Speaking at an event run by City & Financial Global in London earlier this week, executive director of enforcement and market oversight Mark Steward said: “The point of financial penalties is deterrence but this is not the point of enforcement which is about just outcomes. 

“Addressing both serious misconduct as well as its consequences ensures just outcomes.  

“Most of the cases involving financial penalties have involved serious breaches of the general principles. 

“In these cases too little attention is paid to the general principles in planning and organising what a firm is doing.

“Firms need to engage with the Principles when undertaking regulated activities.”