The UK’s Financial Services Authority fined Barclays 2.45 million pounds ($4 million) today for failing to provide accurate transaction reports and “serious weaknesses” in control systems in two of its divisions. The AP states that the reports Barclays failed to provide involve daily transactions data the FSA uses to detect and investigate suspected market abuse like insider trading and market manipulation.
The FSA’s subsequent review of Barclays’ transaction reporting arrangements “revealed that it did not have adequate systems and controls to meet the transaction reporting requirements. It also found a substantial number of errors in the data submitted to the FSA.” A spokesman for the FSA stated that the high amount of the penalty “reflects the serious nature of Barclays’ breaches and is a warning to other firms that the FSA will not tolerate inadequate systems and controls.”
