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Bank claims: Societe Generale fined £1.6m

The Financial Services Authority (FSA) has fined the London branch of Societe Generale £1.6 million for failing to provide accurate transaction reports.

The firm did not hand over 80 per cent of its reportable transactions to the FSA over a two year period despite repeated requests to do so.

Margaret Cole, director of enforcement and financial crime, claimed the reports are crucial to ensure the industry is properly regulated.

She said: "SocGen failed to accurately report a very high proportion of its transactions for a significant length of time. This failure is a serious breach of our rules as it can have a damaging impact on out ability to detect and investigate suspected market abuse."

Societe Generale fully co-operated with the FSA during their inquiries and agreed to settle at an early stage. The fine was therefore reduced from its initial sum of £2.3 million.

Under FSA regulations, businesses are required to submit information on reportable transactions the day after a trade is made.

Posted by Jennifer Haines

Jennifer's speciality knowledge is credit card changes and balance transfers. ADNFCR-2776-ID-800040396-ADNFCR



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