Belfast Telegraph

SocGen fined £1.6m by watchdog over breaches

By Holly Williams

The City regulator slapped a £1.6m fine on the London branch of investment bank Societe Generale after systematic financial reporting failures over more than two years.

The Financial Services Authority (FSA) said the size of the penalty reflects the "seriousness" of SocGen's breach.

It said the bank failed to submit an accurate report for around 80% of transactions between November 2007 and February 2010 despite repeated reminders sent to firms.

SocGen's penalty marks the sixth such fine for financial reporting failures from the FSA in the past year.

SocGen was given a 30% discount for co-operation with the FSA and for settling at an early stage. Otherwise, it would have had to pay £2.3m.

The FSA has already hit banks including Barclays and Credit Suisse with fines since last August for breaking rules on transaction reporting.

Firms must submit data on reportable transactions by the close of business the day after a trade is made.

The information is used by the financial watchdog to look out for signs of market abuse and insider dealing.