The Financial Services Authority has imposed a record number of fines this year, with mortgage fraud high on the list of offences targeted.

The FSA netted £22.6 million - the second highest amount yet, although figures in 2004 were inflated because of the £17 million levy on Shell for overstating its oil reserves.

It may be even more punishing next year as more frauds emerge in the wake of the financial crisis.

So far this year the FSA has imposed 49 penalties, more than twice as many as the 23 in 2007.

Among these, 14 individuals were fined, up from just one the year before.

The City watchdog has not produced enforcement statistics for any years before 2007, but an analysis of its annual reports shows that the total number of fines for 2006 and 2005 were 28 and 20 respectively.

"Our starting point is to have a strong and visible enforcement team. It's good for it to be doing what it is meant to," said Margaret Cole, director of enforcement at the FSA.

The regulator has focused on a string of cases related to mortgage fraud and for the first time began fining individual brokers, many for lodging inaccurate applications.

Fines relating to payment protection insurance (PPI) also featured high on the list, accounting for more than £10 million in fines, including the biggest penalty this year, the £7 million imposed on Alliance & Leicester.

"The failings at Alliance & Leicester are the most serious we have found," said Cole. "This is reflected in the record PPI fine. It is very disappointing that after three years of regulation we are still finding serious problems in PPI sales."

Other high-profile targets include internet bank Egg, Land of Leather, and HFC Bank, the UK unit of HSBC's US operations.

This year the FSA launched its first criminal prosecutions, with cases due to come to trial next year.