Alison McHaffie is a partner in CMS Cameron McKenna's Financial Services team. On a regular basis, Alison shares her thoughts with Practical Law Financial Services subscribers on topical developments concerning investigation and enforcement activity in the financial services sector.

In her March 2016 column, Alison considers whether we have seen the high water mark of increasing FCA fines to achieve credible deterrence. She analyses the recent use by the FCA of restrictions as disciplinary sanctions, and outlines the need for improved transparency in the FCA's current penalty setting framework.