The Financial Conduct Authority (FCA) has fined Goldman Sachs International (GSI) £34.3m for failing to provide accurate and timely reporting relating to 220.2 million transaction reports between November 2007 and March 2017.
In a statement, the regulator said that GSI failed to ensure it provided complete, accurate and timely information in relation to around 213.6 million reportable transactions, and erroneously reported 6.6 million transactions to the FCA, which were not actually reportable.
Overall, over a period of 9 years and 6 months, GSI made 220.2 million errors in its transaction reporting, breaching the rules set by the FCA.
Commenting, FCA director of enforcement and market oversight Mark Steward said: “The failings in this case demonstrate a failure over an extended period to manage and test controls that are vitally important to the integrity of our markets. These were serious and prolonged failures.
“We expect all firms will take this opportunity to ensure they can fully detail their activity and are regularly checking their systems so any problems are detected and remedied promptly, unlike in this case.”
Furthermore, the authority noted that GSI also failed to take reasonable care to “organise and control” its affairs responsibly and effectively with regards to its transaction reporting.
Due to GSI agreeing to resolve the case, it qualified for a 30 per cent reduction in the overall penalty. Without this discount, the FCA would have imposed a financial penalty of £49m.
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