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SocGen feels the wrath of the FSA

The Financial Services Authority (FSA) has confirmed a £1.575 million has been handed out to financial investment giant SocGen with claims that 80% of trades carried out by the company were inaccurately reported over a two-year period. A total of 18.8 million trades, between November 2007 and February 2010, were misreported to the FSA although customers and investment markets were not impacted in any way.

The swift and accurate reporting of all trades in the UK investment arena is the backbone of the FSA's insider dealing department which monitors share price movements and suspicious trades. While there is no insinuation that any of the trades in question were misreported for any dubious reasons, the inaccurate information did not assist the FSA in tracking share price movements across the board. It must also be noted that clients of SocGen were not impacted by the misreporting of the trades and it is purely an administrative situation.

The FSA has come down very heavily on investment companies who either misreport trades or delay reporting for various reasons. It cannot be overstated how important accurate input from all investment companies in the UK is to the FSA's fight against insider dealing and market manipulation, something which is reflected by the size of the fine.

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