Goldman Sachs hit by £17.5m reporting fine
Bank to pay UK regulator for failing to disclose SEC investigation
Goldman Sachs has been slapped with a £17.5 million fine by the Financial Services Authority (FSA) for "inadequate" systems that meant it failed to disclose investigations into the bank in the US.
The fine is one of the largest ever imposed by the FSA, though Goldman received a 30% discount for its co-operation in the investigation, lowering it from £25 million.
The fine relates to investigations by the Securities and Exchange Commission (SEC) on a Goldman Sachs product, the "Abacus"
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