Goldman Sachs fined by FCA over reporting
02 April 2019 London
Image: Shutterstock
Goldman Sachs has been fined £34,344,700 by the Financial Conduct Authority (FCA) for failing to provide accurate and timely reporting relating to 220.2 million transaction reports between November 2007 and March 2017.
In a statement, the FCA said: “Goldman Sachs failed to ensure it provided complete, accurate and timely information in relation to approximately 213.6 million reportable transactions. It also erroneously reported 6.6 million transactions to the FCA, which were not, in fact, reportable.”
The FCA also found that Goldman Sachs failed to take “reasonable care to organise and control its affairs responsibly and effectively in respect of its transaction reporting”.
Mark Steward, executive director of enforcement and market oversight at FCA, said: “The failings, in this case, demonstrate a failure over an extended period to manage and test controls that are vitally important to the integrity of our markets.”
He added: “These were serious and prolonged failures. We expect all firms will take this opportunity to ensure they can fully detail their activity and are regularly checking their systems so any problems are detected and remedied promptly, unlike in this case.”
A spokesperson for Goldman Sachs, commented: “We are pleased to have resolved this legacy matter. We dealt with the issues proactively at the time and have made significant investments across the period to develop and enhance our reporting procedures.”
In a statement, the FCA said: “Goldman Sachs failed to ensure it provided complete, accurate and timely information in relation to approximately 213.6 million reportable transactions. It also erroneously reported 6.6 million transactions to the FCA, which were not, in fact, reportable.”
The FCA also found that Goldman Sachs failed to take “reasonable care to organise and control its affairs responsibly and effectively in respect of its transaction reporting”.
Mark Steward, executive director of enforcement and market oversight at FCA, said: “The failings, in this case, demonstrate a failure over an extended period to manage and test controls that are vitally important to the integrity of our markets.”
He added: “These were serious and prolonged failures. We expect all firms will take this opportunity to ensure they can fully detail their activity and are regularly checking their systems so any problems are detected and remedied promptly, unlike in this case.”
A spokesperson for Goldman Sachs, commented: “We are pleased to have resolved this legacy matter. We dealt with the issues proactively at the time and have made significant investments across the period to develop and enhance our reporting procedures.”
NO FEE, NO RISK
100% ON RETURNS If you invest in only one asset servicing news source this year, make sure it is your free subscription to Assegt Servicing Times
100% ON RETURNS If you invest in only one asset servicing news source this year, make sure it is your free subscription to Assegt Servicing Times
.jpg)