FSA fines Barclays £2.45m for reporting failures
The Financial Services Authority (FSA) has fined banking giant Barclays £2.45 million for reporting flaws.
However, by agreeing to settle at an early stage, Britain’s second largest bank qualified for a 30% discount.
According to the City watchdog, Barclays failed to report details of trade transactions accurately and was guilty of “serious” breaches in systems and controls.
Furthermore, there were “a substantial number of errors” in the data submitted, said the FSA.
Despite several reminders to firms of their obligations to provide accurate data, Barclays failed to provide the correct information, with the breaches taking place throughout 2007 and 2008.
Alexander Justham, director of markets for the FSA, said: “The fine reflected the serious nature of Barclays’ breaches and is a warning to other firms that the FSA will not tolerate inadequate systems and controls”.
In response, Barclays said it had co-operated fully during the investigation and taken action to improve its processes and added: “No counterparties, clients, or financial reports were affected in any way.”