FSA fines Barclays £2.45m for transaction reporting failings
LONDON – The UK Financial Services Authority (FSA) has fined Barclays Capital Securities and Barclays Bank a record £2.45 million for failing to provide accurate transaction reports and “serious weaknesses” in reporting systems and controls.
The fine is “significantly higher” than previous penalties imposed for transaction reporting errors, reflecting the seriousness of Barclays’ breaches, the FSA said in a statement on Tuesday.
“It is a warning to other firms that the FSA will not tolerate
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