Just 18 individuals were fined by the regulator for misconduct, breaches of the rules or failures in their duties in 2013, a fall of 40% from 30 three years' before.
Figures obtained by city law firm Reynolds Porter Chamberlain run counter to the new-look regulator's claims the new-look regulator will use its ‘teeth' against individuals and firms, it said.
This is just 0.03% of all those who perform a Significant Influence Function (SIF) out of roughly 55,000 individuals, chairmen, non-executive directors and CEOs , for example.
The FCA can take action against a range of misdemeanours, from failing to carry out their duties with due care and diligence or failing to act with integrity, to insider dealing.
Richard Burger, partner at RPC, said: "Accountability for senior individuals has been seen as the sharp end of the regulator's spear, so some will be surprised that more fines haven't come through the pipeline yet."
He added: "By setting its sights on individual senior managers and board directors, the FCA hopes that the threat of being held personally accountable will ensure they act in a fit and proper manner and prove an effective deterrent to misconduct.
Risk-conscious senior level executives and NEDs often pay for directors and officers insurance to cover the cost of legal action, so they usually have the necessary funds to fight the FCA all the way.
The FCA said many of the cases in 2010/11 were linked to over 100 mortgage fraud-related bans or involved smaller firms, where in recent years the cases have been more time-consuming.
It added: "Holding individuals to account is clearly an area where we have put a lot of resources into. It was also an area that the Parliamentary Commission on Banking Standards found that we needed to improve upon, so we will be making more proposals soon."
The Banking Reform Act 2013 is set to introduce a new senior persons regime with criminal sanctions for reckless misconduct for those employed by UK banks.
