A drop in fines handed out by the enforcement arm of the US Securities and Exchange Commission has prompted some politicians to question the reasons behind this development.

Disgorgements and civil monetary penalties fell more than 50 per cent last year from $3.4bn (£1.7bn, €2.2bn) to $1.6bn. Citing that plunge, senators Jack Reed and Chris Dodd have demanded a Government Accountability Office investigation into whether the agency has made fundamental changes to its enforcement philosophy and handling of cases.