View more on these topics

City Index lands £490k fine for transaction errors

Margaret Cole
Cole: ’Serious breach’

The FSA has fined spread betting firm City Index £490,000 for transaction-reporting failures.

The regulator says the firm failed to submit accurate reports in respect of more than two million transactions.

It says the failings occurred between November 2007 and September 2009 and represented nearly 60 per cent of the firm’s reportable transactions.

City Index failed to report approximately 55,000 transactions and reported around 1,970,000 transactions with one or more data fields completed improperly.

The FSA says these breaches occurred despite its repeated reminders to firms of their obligations to provide accurate data. Managing director of enforcement and financial crime Margaret Cole says: “City Index failed to report accurately a high proportion of its transactions for almost two years. This is a serious breach of our rules because it can have a damaging impact on our ability to detect and investigate suspected market abuse.”

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com