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FSA Fines Barclays $4 Million for Transaction Reporting Problems
By Brian Monroe
printThe United Kingdom's chief financial regulator Tuesday fined Barclays PLC more than $4 million for "serious weaknesses" in its securities transaction monitoring reporting, the largest penalty issued by the agency for such problems. The U.K. Financial Services Authority (FSA) said that the London-based financial institution had erred on reporting tens of millions of transactions during a nearly year-long period because of weaknesses in its transaction monitoring systems, according to a 14-page final notice dated August 19, but released Tuesday. The deficiencies, which were uncovered by the agency during an unrelated investigation, were "particularly serious" because they could impact the agency's...
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