The number of sackings and suspensions of staff at financial institutions has reached its highest level in five years, according to figures from the Financial Services Authority (FSA).

The data, obtained by law firm Pinsent Masons, shows that 1373 financial services employees were dismissed or suspended in 2012.

This marked a 76% increase in dismissals and suspensions compared to the previous twelve months.

In addition to sackings and suspensions, the data suggests that the number of job losses in the sector has reached its highest level since the peak of the financial crisis in 2008.

A little under 37,000 people in the sector lost their jobs in 2012, bringing the total number of people to have left their posts in the past five years to 177,697.

Helen Farr, a Partner at Pinsent Masons, said FSA enforcement activity had clearly had an impact on firms' willingness to tolerate wrongdoing.

"Firms now appear much more likely to discipline employees for offences," she said.

"The rise in number of staff dismissed from 778 to 1373 in a twelve month period suggests that the threat of enforcement and reputational damage associated with rogue traders such as Kweku Adoboli are clearly having an impact."

The law firm said the information was available because changes to the employment status of people who require FSA authorisation to carry out their job must be registered with the regulator.

Businesses regulated by the watchdog are also expected to indicate where employees have been sacked or suspended, most commonly as a result of suspected wrongdoing.

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