The Financial Services Authority (FSA) of UK has fined the Societe Generale's London branch £1.57m for failing to provide accurate transaction reports to the FSA.
FSA said that the fine reflects the seriousness of SocGen’s failure to submit accurate reports for approximately 80% of its reportable transactions, across all of its asset classes, for a period of over two years.
Societe Generale also breached FSA rules by failing to retain and have available all relevant transaction reporting data. Firms are required to keep all data related to financial transactions and make it available to the FSA for at least five years.
According to FSA, between November 2007 and February 2010, SocGen either failed to report, or inaccurately reported, 18.8 million of its 23.5 million reportable transactions.
FSA Enforcement and Financial Crime director Margaret Cole said this is the sixth case in the last year where FSA has taken action against a firm for failures to make accurate transaction reports.
“We will continue to monitor the quality of firm reporting and we are committed to taking action where necessary to ensure firms comply with their reporting obligations,” Cole said.