RPC says the average fine handed down by the FSA in 2009 was £891,000, up 97 per cent on 2008 when it was £453,000.
This year the average fine against individuals jumped 60 per cent to £70,303, up from £43,854 in 2008.
There were eight fines of over £1m against financial services companies this year.
RPC financial services partner Steven Francis says: “Such is the complexity of the FSA’s rules and regulations that even firms with the very strongest of compliance cultures can find themselves suffering at the hands of the FSA’s new ‘get tough’ approach.
“There’s every reason to think that the financial services sector should plan for more FSA activity in 2010. What also concerns is the threat by the FSA to try and take basic regulatory infractions and prosecute them as criminal cases.”