Goldman Sachs fined £34m over reporting failures
Goldman Sachs International has been fined more than £34 million in the UK for failing to provide information to the City watchdog.
The Financial Conduct Authority (FCA) imposed the penalty after GSI failed to provide timely information relating to 220.2 million transaction reports between November 2007 and March 2017.
The FCA also found that GSI failed to take reasonable care to organise and control its affairs responsibly in its transaction reporting.
GSI agreed to resolve the case and qualified for a 30% discount in the overall penalty. Without this discount, the FCA would have imposed a penalty of more than £49 million.
A spokesman for GSI said: “We are pleased to have resolved this legacy matter. We dealt with the issues proactively at the time and have made significant investments across the period to develop and enhance our reporting procedures.”
Institutions are required to submit data sets to the FCA regarding financial market transactions so the regulator can monitor for market abuse and financial crime.
The FCA has fined 13 other firms including UBS, Merrill Lynch and Deutsche Bank for transaction reporting breaches.
Mark Steward, FCA director of enforcement and market oversight, 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.”