Soc Gen London branch fined £1.6m by FSA

The FSA has fined the London branch of Société Générale £1.57m for failures in transaction reporting.

According to the regulator, the fine reflects the seriousness of Société Générale's failure to submit accurate reports for about 80% of its reportable transactions, across all asset classes, for over two years. The FSA says fines go directly to funding its activities and help reduce its fees and levies on regulated firms in future years. Firms are required by the regulator to submit data for reportable transactions by close of business the day after a trade is executed. This data is used by the FSA to detect and investigate suspected market abuse including insider trading and marke...