• From The BBC:

    Barclays has been fined £2.45m ($4m) by the City watchdog for failures in the way it reported transactions carried out by its traders.The Financial Services Authority (FSA) said the bank did not have not have adequate systems and controls in place to meet regulatory requirements. There were also “a substantial number of errors” in the data submitted. The FSA came across the errors while probing suspected insider trading by a third party, unconnected to the bank. ‘Extensive’ investmentThe breaches took place throughout 2007 and 2008, “despite repeated reminders to firms of their obligations to provide accurate data”, according to the watchdog. Barclays escaped an even bigger fine of £3.5m after the FSA offered a 30% discount following the banking giant’s co-operation. Director of markets for the FSA, Alexander Justham, said the fine reflected “the serious nature of Barclays’ breaches and is a warning to other firms that the FSA will not tolerate inadequate systems and contro…

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    Posted by Jon @ 12:05 pm

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