Goldman and UBS MiFID fines a 'statement of intent' from FCA

Enforcement could increase under MiFID II

Recent multi-million pound fines levied against Goldman Sachs and UBS AG mark a "statement of intent" from the Financial Conduct Authority (FCA) as the regulator cracks down on MiFID-related reporting failures, according to regulatory experts.

Goldman and UBS were handed fines of £34.3m and £27.6m each respectively in March for historic failures related to the initial MiFID regulation, rather than MiFID II which came into force in January 2018. The fines could mark an intensified focus on transaction reporting with regard to the new standards. Goldman's fine was the 13th the FCA has levied against firms for breaching MiFID reporting standards. The regulator has also dished out penalties to Merrill Lynch International, Deutsche Bank AG, RBS, James Sharp & Co, Plus500UK, City Index, Société Générale, Commerzbank AG, Instin...