It cites prison sentences of nine, 11 and 12 years handed out in the last four years - including the 12 years given to former lawyer Matthew Kluger in 2011. Ashley Kovas, in charge of funds at the regulatory consultancy Bovril, said: ‘The FCA’s [Financial Conduct Authority’s] approach to regulation used to be taking action against a firm and it was relatively rare to take action against individuals, [but] there is a move towards personal liability across financial regulation.’

More draconian

Andrew Shrimpton, compliance head at the financial services consultancy Kinetic, said: ‘Both the UK and the US are becoming more draconian, which is definitely proving more of a deterrent.’ Source: Financial Times