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FCA fines UBS £27.6M for transaction reporting failures

Jaclyn Jaeger | March 19, 2019

The U.K. Financial Conduct Authority has fined UBS £27.6 million (U.S. $36.6 million) for failings relating to nearly 136 million transaction reports.

Specifically, UBS failed to ensure it provided complete and accurate information in relation to approximately 86.67 million reportable transactions, according to the FCA. UBS also erroneously reported 49.1 million transactions to the FCA, which were not, in fact, reportable. Altogether, the total number of transaction reports impacted by these errors was approximately 135.8 million between November 2007 and May 2017 in breach of FCA rules.

The FCA also found that UBS failed to take reasonable care to organise and control its affairs responsibly and effectively in respect of its transaction reporting. These failings related to aspects of UBS’s change management processes, its maintenance of the reference...

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