Under the new framework ( PS10/4: Enforcement Financial Penalties), fines will be linked more closely to income and be based on:

• Up to 20% of a firm’s revenue from the product or business area linked to the breach over the relevant period;
• Up to 40% of an individual’s salary and benefits (including bonuses) from their job relating to the breach in non-market abuse cases; and
• A minimum starting point of £100,000 for individuals in serious market abuse cases.

The new penalty regime will come into force on 6 March 2010 and will apply to any breaches which occur on or after this date.