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FSA fines HSBC 100,000 for transaction reporting breaches

The FSA fines HSBC 100,000 for transaction reporting breaches for failing to take reasonable steps to ensure the accuracy of transaction reports.

The FSA had made a request for trading information from HSBC Stockbroker Services relating to the period December 2002 until August 2005.

The FSA found that transaction reports made through HSS had been inaccurately representing client purchases as client sales and vice versa.

HSBC has taken the necessary remedial steps to improve its systems and controls in this area and has co-operated fully with the FSA’s investigation into this matter.

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