Banking giant Goldman Sachs was fined £17.5m (€21m) by the UK’s Financial Services Authority today – the second biggest penalty ever issued by the City watchdog.

American banking giant Goldman Sachs was today braced for a hefty fine from the UK's City regulator the Financial Services Authority.

Wall Street giant Goldman Sachs has been accused of defrauding investors in a civil lawsuit filed by America's Securities and Exchange Commission (SEC).