Credit Suisse fined £1.75m for reporting failures

clock

The FSA has fined Credit Suisse £2.5m - reduced to £1.75m due to early settlement - for failing to submit accurate transaction reports.

The investment bank failed to submit accurate data on about 40 million separate transactions - including 30 million on the London Stock Exchange (LSE) - in a 12 month period from November 2007. Market trader Getco and agency broker Instinet were also fined a total of £2.45m, taking the total FSA penalty to £4.2m. The City regulator says it uses transaction data to detect and investigate suspected market abuse, insider trading and market manipulation. "Without quality data we cannot properly detect and investigate market abuse, identify market wide risks or have a comprehensive und...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Advisers who look to psychographic traits can go the 'extra mile'

Advisers who look to psychographic traits can go the 'extra mile'

‘Fast growing advice firms are considering client behaviours and values’

Isabel Baxter
clock 12 July 2024 • 1 min read
The Adviser Incubator: Meet graduate Rebecca Penny

The Adviser Incubator: Meet graduate Rebecca Penny

An inside look at The Verve Foundation’s programme

Hope Coumbe
clock 12 July 2024 • 6 min read
Court date set for 'finfluencers' following FCA crackdown

Court date set for 'finfluencers' following FCA crackdown

Trials have been scheduled after the FCA charged nine individuals

Sahar Nazir
clock 12 July 2024 • 1 min read