I will believe it when I see it
if they're found to be in serious breach of new regulations
First off, the regulators will need proof of "serious breach" was conducted. But if it was a "minor breach" everyone is fine-and-dandy? There could be an army of lawyers who can easily negotiate a "serious breach" down to a misdemeanor without jumping out of bed.
Next, if I was to use the past penalties handed by the ICO. "fines of up to 10 per cent" is not really much.
Finally, handing out fines is one thing. Wake me up when news of fines collected have been publicly made available.
These "regulations" are more there to protect big business from getting in trouble.