FSA ACTION: Barclays fined for failures in transaction reporting

There were serious weaknesses in Barclays’ systems and controls around transaction reporting. Firms are required to submit data for reportable transactions by close of business the day after a trade is executed.  The FSA uses this data to detect and investigate suspected market abuses, such as insider trading and market manipulation. Barclays’ failure will cost it £2.45m. The fine was reduced by 30% in light of the firm’s full cooperation with the FSA.

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