The U.K. Financial Services Authority has fined the London arm of investment bank Goldman Sachs £17.5 million ($27 million) for a breach of its rules. The penalty stems from a lack of communication between the firm’s U.S. operations and its London compliance department.
The regulator penalized Goldman Sachs International (GSI) because it failed to tell it that the U.S. Securities and Exchange Commission was investigating its involvement in a sub-prime mortgage product.
