This increase is due to the conclusion of several high-profile cases, including investigations into the audits of collapsed contractor Carillion and the scandal-hit London Capital & Finance. KPMG, Carillion’s auditor, received the largest fine of £21m (after discounts).

Big Four firms PwC and EY were each fined £4.9m and £4.4m respectively for their roles in the London Capital & Finance audit.

The FRC’s executive director of enforcement, Elizabeth Barrett, said: “The past year was notable for the completion of several high-profile and complex cases at the FRC, most significantly the conclusion of the major Carillion audit investigations and the investigations into various audits of London Capital & Finance.

“The FRC will continue to prioritise fair, robust and proportionate enforcement outcomes to uphold trust in financial reporting and audit which supports confidence to invest in UK companies and in turn the UK’s economic growth and international competitiveness.”