Goldman Sachs slapped with £34m fine for 'serious and prolonged' MiFID reporting failures

On transactions between November 2007 and March 2017

Mike Sheen
clock • 2 min read

The Financial Conduct Authority (FCA) has handed Goldman Sachs International a £34.3m fine for failing to provide "accurate and timely" reports on more than 220 million MiFID-regulated transactions between November 2007 and March 2017.

Goldman also erroneously reported nearly seven million unreportable transactions to the FCA, which found the Wall Street giant failed to take "reasonable care to organise and control its affairs responsibly and effectively". FCA: Firms must improve 'inconsistent' MIFID II disclosure standards The FCA stopped short of imposing a penalty of nearly £50m after the bank agreed to resolve the case and therefore qualified for a 30% discount in the overall penalty. It marks the 13th fine the FCA has levied against firms for breaching MiFID reporting standards. The regulator has also dished...

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