Daily Banking Industry News
Sunday 13th of September 2009

Banking Sectors:

By company:

By organisation:

Also see:

September 8, 2009

FSA fine Barclays £2.45m

by Richard Kilner

Story link: FSA fine Barclays £2.45m

The Financial Services Authority (FSA) has hit Barclays Capital Securities Ltd and Barclays Bank PLC (Barclays) with a fine of £2.45m.

The punishment has been dished out for inaccurate transaction reporting, and for weak system and controls pertaining to transaction reporting.

Accurate reporting is critical to the FSA’s role in detecting insider trader and market manipulation, and without it there is a risk of market abuse.

FSA director of markets Alexander Justham has stated that the penalty handed to Barclays is significantly higher than the typical fine for inaccurate reporting.

The reasoning behind the above average penalty is so that the fine serves as a warning to other institutions to comply with accuracy requirements, and as a reflection of the seriousness of Barclays’ breaches.

Due to Barclays co-operating fully with the FSA and settling early, a 30% discount was awarded.

 

Add to Bookmarks:

ADD TO NETSCAPE     ADD TO DEL.ICIO.US     ADD TO DIGG     ADD TO FURL

ADD TO STUMBLEUPON     ADD TO YAHOO MYWEB     ADD TO GOOGLE     ADD TO SPURL


Related stories to: FSA fine Barclays £2.45m

Barclays quiet on logo change rumours  ...

Barclays refutes takeover rumours  ...

Barclays reviewed over price paid for Lehman assets  ...

Norwich Union Life given highest ever FSA fine  ...

Barclays’ president heads for the US  ...

No Comments »

No comments yet.

Leave a comment


Previous: « EIB lends £1bn for Crossrail
Next: Swedbank named Business Bank of the Year »

Visited 257 times, 1 so far today


Savings & Investment News


Borrowing & Lending News