The UK's Financial Services Authority has handed out its biggest fine to a banking institution in six months after penalising the UK stockbroker formerly called Williams de Bröe £560,000 (€851,348) for widespread system and control failings over a three-and-a-half year period.

The fine, which was reduced from £800,000 under the FSA's early settlement discount scheme, is the largest handed out by the regulator to a UK banking group since it fined hedge fund GLG Partners and former employee Phillipe Jabre £750,000 each last August.