The Financial Services Authority today banned a former managing director at Toronto Dominion Bank from the financial industry and doled out a £750,000 fine, one of its biggest penalties on an individual this year.

The FSA said in a final notice published today that Nabeel Naqui engaged in a "sustained course of deliberate and dishonest misconduct" between July 2006 and June 2008, when he worked as head of the credit products group for Europe and the Asia Pacific at TD. The firm was fined £7m a year ago by the FSA in relation to the case after being branded a "repeated offender" by the regulator.