Fines for misconduct issued to UK auditors by the industry’s recently strengthened watchdog have increased by almost 50% in the past year, as firms such as KPMG and Deloitte pay out following a series of high-profile corporate failures.

Penalties handed out by the Financial Reporting Council jumped to £24.9m between January and December 31 2019, from £16.8m over the same period the previous year, according to analysis by City law firm RPC.