When it came to power last year, the UK'S new coalition government quickly sounded the death knell for the Financial Services Authority (FSA), which will be split into two bodies, the Prudential Regulation Authority and the Financial Conduct Authority. But the FSA appears to want to go out with a bang by sharply increasing the levels of the fines it levies. This is quite an extraordinary cranking up of the FSA's enforcement activity, says Jonathan Davies, a partner in London law firm Reynolds Porter Chamberlain's financial services team.
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