Fines levied by the UK markets watchdog nearly tripled during 2010 to a record £89m (€104m) as the regulator stepped up enforcement action in the wake of the financial crisis.

Banking reforms need to move away from the “demonisation” of overpaid traders, the head of the UK's City regulator said.

UK MPs will today hear details of the shake-up of banking regulation announced by Chancellor George Osborne in a bid to prevent a repeat of the financial crisis.