The UK’s financial regulator has carried out its second high profile censure in as many weeks after imposing a ban and fine of Ravi Shankar Sinha – the former UK chief executive of JC Flowers.

The Financial Services Authority has fined Sinha £2.87m for carrying out a fraudulent invoicing scheme when he worked at the buyout firm, in what is the first time such action has been taken by the regulator against a member of the private equity industry.