The Financial Conduct Authority, according to a report from Bloomberg, had issued 18 notices of fines to finance workers that have been performing "a significant influence function" for 2013. This is a 40% drop since 2010 and the reason for such is the agency's continued search for its first big 'fry' arrest. Back in 2010, there were 30 issuances made against individuals in the industry.

This was the findings in an investigative report conducted by the law firm Reynolds Porter Chamberlain LLP. According to Richard Berger, a partner of the firm based out of London, "Individuals have got so much more to lose and so they are much more willing to fight allegations of wrongdoing tooth and nail. Not only are there substantial fines at stake, their reputation and career are on the line."

The FCA replaced the now defunct Financial Services Authority exactly a year ago. In the last few days of the FSA, there was a marked increase in the fines imposed, reaching nearly GBP313.4 million or USD527 million by the end of 2012. In 2011, the imposed fines totalled only GBP66.1 million. 

Amongst the high penalties imposed in 2012 was imposed upon Barclays Plc for its attempted manipulation of the London interbank offered rate. For this, the FSA fined the second largest bank in the UK GBP60 million. During this year, UBS AG was also fined GBP29.7 million for the risks it had undertook after its $2.3 billion loss from the unauthorized trades by Kweku Adoboli.

Under the new system, about 55,000 individuals fall under the 'performing significant roles' in the United Kingdom. The positions include chairmen, CEOs, non-executive directors and chief risk officers. According to the firm, the FCA had fined former Credit Suisse Group AG trader Mark Stevenson the amount of GBP662,700 for his actions to deliberately manipulate the price of bonds issued by the UK government.