British Barclays fined on $4 millions

The Financial Services Authority (FSA) fined Barclays Bank on 2.45 million pounds ($4 million) for failing to maintain accurate records of bank transactions and the "serious shortcomings" of control systems in two of its departments.

Fines was written out Barclays Capital Securities Ltd. and Barclays Bank PLC, which, like all other financial institutions of this country, are obliged to provide data for banking transactions before the end of the day. FSA uses this information to identify and investigate possible cases of insider trading and manipulation in the stock market.

FSA clarified that found discrepancies in the data Barclays in the investigation of abuses in the financial market from outside the third parties. A subsequent review of the transaction Barclays revealed that the bank does not use adequate systems and controls that would meet the reporting requirements on transactions. In addition, FSA also found a significant number of errors among the data provided by the bank. This was the reason for such a serious punishment for the British financial institution.
08.09.2009