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Barclays bank receives £2.45 million fine

Barclays bank has today received a £2.45 million fine from the Financial Services Authority (FSA) in relation to faulty reporting of transactions which may or may not have deprived the FSA of vital market statistics. This is by far and away the largest transaction reporting fine and the eight largest fine ever issued by the FSA. So what exactly did Barclays do wrong?

The issue arose last year when the FSA was investigating potential third-party insider dealing which had nothing to do with Barclays Capital. However, during this investigation it became apparent that over 57 million Barclays transactions had somehow been misreported and were never passed to the FSA, therefore robbing the regulator of essential market data. The particular breaches relating to this fine occurred in 2007 and 2008 despite the fact that all financial institutions were warned about their future conduct in relation to transaction reporting at the time.

The size of this fine and the level of rebuke dished out to Barclays Capital and ultimately Barclays bank is a reflection of the need for the FSA to have available all market transaction data which can be filtered and reviewed during insider trading and market abuse investigations. This will certainly be a lesson to others in the market and iterates the fact that the FSA means business!

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