Barclays fined for transaction inaccuracies | The Daily Star
11:00 PM, September 08, 2009 / LAST MODIFIED: 11:00 PM, September 08, 2009

International Business News

Barclays fined for transaction inaccuracies

Barclays bank has been fined 2.45 million pounds for "serious weaknesses" in systems and controls that led to inaccurate reporting of transactions, Britain's financial watchdog said on Tuesday.
The Financial Services Authority said it had fined Barclays the equivalent of 2.8 million euros or 4.1 million dollars "for failing to provide accurate transaction reports to the FSA and for serious weaknesses in systems and controls in relation to transaction reporting."
FSA director of markets, Alexander Justham, said in a statement the penalty was "significantly higher than previous penalties imposed for transaction reporting errors."
He added: "This reflects the serious nature of Barclays' breaches and is a warning to other firms that the FSA will not tolerate inadequate systems and controls."
The FSA said firms were required to submit transactions data by the close of business the day after a trade was executed.
"The FSA uses this data to detect and investigate suspected market abuse: insider trading and market manipulation," said the watchdog.
"The FSA discovered discrepancies in Barclays' data while reviewing a suspected incident of market abuse by a third party.

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