The number of fines imposed by the FCA on senior executives for misconduct or breach of rules has dropped by 40 per cent since 2010.
Figures obtained by law firm Reynolds Porter Chamberlain under the Freedom of Information Act show 18 fines were handed down to individuals in senior management positions in 2013, down from 30 in 2010, the Guardian reports.
RPC partner Richard Burger says: “Accountability for senior individuals has been seen as the sharp end of the regulator’s spear, so some will be surprised that more fines have not come through the pipeline yet.”
He adds bringing successful cases against individuals can be much harder than against firms because companies wish to resolve cases quickly to limit commercial and reputational damage.
Burger says: “Individuals have got so much more to lose and so they are much more willing to fight allegations of wrongdoing tooth and nail.”
The figures do not include the number of prohibitions and public censures.
A spokesman for the FCA told the Guardian: “Holding individuals to account is clearly an area where we have put a lot of resources.
“It was also an area the parliamentary commission on banking standards found that we needed to improve upon, so we will be making more proposals soon.”