THE UK's financial watchdog handed out record fines of 89 million pounds (US$137.4 million) this year, in a crackdown on banks, individuals and financial scams as it prepares to be replaced by new authorities.

Fines imposed by the Financial Services Authority nearly tripled versus last year's 35 million pounds, it said yesterday.

The FSA levied some of its biggest ever fines on top banks such as JPMorgan and Goldman Sachs.

It also banned 60 individuals from working in financial services, slightly more than in 2009, and stepped up efforts to warn people off scams and secure compensation for victims of financial fraud.