UBS AG fined £27.6m by the UK FCA


Goldman Sachs International fined £34.3 million for transaction reporting failures

Swiss multinational investment bank and financial services company UBS AG has been fined £27,599,400 by the UK financial regulator the Financial Conduct Authority (FCA). The company failed relating to 135.8 million transaction reports between November 2007 and May 2017.

Mark Steward
Mark Steward, FCA

Mark Steward, FCA Executive Director of Enforcement and Market Oversight said:

Firms must have proper systems and controls to identify what transactions they have carried out, on what markets, at what price, in what quantity and with whom. If firms cannot report their transactions accurately, fundamental risks arise, including the risk that market abuse may be hidden.

UBS failed to ensure the reporting of transactions, therefore failed to provide complete and accurate information in relation to approximately 86.67m reportable transactions. The company has made 135.8m errors in its transaction reporting over a period of 9 and a half years.

Luckily, UBS agreed to resolve the case, therefore got a 30% discount in the overall penalty, otherwise the FCA would have imposed a financial penalty of £39,427,795 to the company.

This is the third fine released on Leaprate’s website today. BOCI Securities Limited (BSL) was fined by the Hong Kong SFC earlier, and a Forex scammer and his companies ordered to pay over $2.2 million in fines by the CFTC.

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UBS AG fined £27.6m by the UK FCA

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