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Goldman Sachs fined £34m by the FCA

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Goldman Sachs International (GSI) has been fined over £34m for failing to provide information to the Financial Conduct Authority (FCA).

GSI failed to provide timely information over a 220.2m transaction reports from November 20017 and March 2017, the FCA subsequently imposed the penalty.

It was further found that GSI failed to take reasonable care to control and organise their affaires responsibly.

GSI agree to the penalty and qualifies for a 30% discount, without the discount GSI would have paid over £49m.

A spokesman for GSI said: “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.”

Under FCA guidelines companies are required to submit data sets to the FCA regarding all financial market transactions, this enables the FCA to monitor any abuse or financial crime.

Mark Steward, FCA director of enforcement and market oversight 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. 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.”




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