"I do think that perhaps the pendulum has swung too far, " said Mr Tiner.
BBC: NEWS | Business | FSA to trim investigation times
John Tiner, the FSA's chief executive, said that the investigation "was a high priority issue for us".
Mr Tiner went on to say that the FSA would try to bring fewer, more effective, investigations.
In September Mr Tiner, who has recently been promoted from FSA board member to chief executive, promised that the watchdog would put consumers first.
BBC: NEWS | Business | Watchdog grilled over mis-selling
The fine is the second biggest to be imposed by the FSA watchdog and the first to be levied by its new chief executive John Tiner.
BBC: NEWS | Business | Lloyds TSB fined ?1.9m for mis-selling
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