Credit Suisse fined £1.75m for data compliance failure

The UK’s Financial Services Authority has hit Credit Suisse and two other major financial services firms with fines totalling £4.2 million for failing to provide the regulator with transactional data in a timely fashion.

Credit Suisse, the largest of the organisations penalised by the regulator, was handed a £1.75 million fine for failing to submit trading data on timd despite repeated warnings during 2007 and 2008.

Electronic trading firm Getco Europe and broker Instinet Europe were rapped with £1.4 million and £1.1 million penalties respectively for similar offences. Instinet was also judged to have insufficient controls in place for ensuring the accuracy of transactional data.

"Without quality data we cannot properly detect and investigate market abuse, identify market wide risks or have a comprehensive understanding of the activities of each firm," explained the FSA’s director of markets, Alexander Justham. "This data is vital in our efforts to combat financial crime and we will continue to pursue firms that fail to provide quality data."

Reports on transactional data are required by law to allow the FSA in order to detect and investigate market abuse such as insider trading and market manipulation.

Peter Done

Peter Done is managing director of Peninsula Business Services, the personnel and employment law consultancy he set up having already built a successful betting shop business.

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