FSA chairman Callum McCarthy said that the FSA's enforcement powers should allow the authority to make an example of firms guilty of substantial misbehaviour.
"When a case has been looked at objectively and fairly, when someone has had an opportunity to make representations, and when they are found to have substantially misbehaved, then it should be possible to make an example of them.
"And this is why we are keen to speed up the enforcement process, and have come forward with proposals to achieve that. If the important thing is the message, then the longer the gap between an action and the judgment that something has gone wrong, the more attenuated that message becomes."
