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Britain's top financial regulators defended their penalty regime Tuesday, arguing that the growing size of fines against banks reflects the scale of their violations. In a speech, the Financial Conduct Authority's enforcement chief Tracey McDermott rejected arguments that the agency had been either too lenient or too harsh on financial institutions in recent years. Rather, the agency's fines and the media attention they receive have helped "to focus minds, particularly at the top firms," she said. "Until the rhetoric matches the reality, relying on people just doing the right thing won't get us there," McDermott said, in remarks at the...