The UK’s Financial Conduct Authority (FCA) has announced it will increase its penalties against individuals in the wake of court cases forcing it to reduce fines.

In a paper released on Monday, the regulator said it intends to increase penalties against individuals for deterrence, including upping the minimum initial penalty for serious market abuse from £100,000 to £150,000, the first such increase since 2010.

This brings the measure in line with inflation since 2010 and ensures it remains a suitable deterrent for the future, the agency said. The FCA is also proposing a policy amendment that will ensure the figure adjusts in line with inflation in future.

The second change is intended to clarify that the authority can increase fines levied against individuals with large enough wealth and/or income in market abuse and other cases.

The FCA will also revise its policy on relevant income to exclude bonuses or payments that it knows the individual will not receive. This follows in the wake of a court ruling in June of last year that the FCA had to cut its fine against former Barclays boss Jes Staley from £1.8 million to £1.1 million, as its income calculation included deferred share payments that were later cancelled.

The regulator is also set to increase the income that level that is counted as serious financial hardship in line with inflation, now totalling an annual income of £21,000 and capital of up to £24,000.

Among a series of other small changes, the FCA also intends to change its wording on market abuse to clarify the powers of cryptoassets it was granted by the Cryptoasset Regulations.

These changes, intended to ensure the body’s fines retain a “sufficient deterrent impact”, come even as the FCA is under pressure from the government to reduce regulation in financial markets as part of a drive towards growth.

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