UK regulators have dished out a £7m (€7.86m) fine to the London arm of Canadian bank Toronto Dominion Bank for fresh failings relating to its traders; marking the second-largest fine levied by the Financial Services Authority this year.

The FSA said today in a final notice detailing the fine, that TD's London arm "failed to conduct its business with due skill, care and diligence" and "failed to take reasonable care to organise and control its affairs responsibly and effectively". The fine also took into account TD's failure to "respond adequately" to a previous fine for similar breaches two years ago.