17 January 2018
visit www.ebaday.com

FSA fines UBS £100K for reporting errors

17 November 2005  |  1395 views  |  0 Source: FSA

The Financial Services Authority (FSA) has today fined UBS AG (UBS) £100,000 for failures in its systems for the reporting of transactions in financial instruments to the FSA and, previously, the Securities and Futures Authority (SFA), from May 1999 to October 2005.

In July 2005 UBS Wealth Management (UBS WM) made a suspicious transaction report to the FSA. Following a review of this report by the FSA it was established that the transaction – a client purchase – had been incorrectly reported as a client sale.

A subsequent review by UBS WM of its transaction reporting found that since October 1999 all equity transactions executed by it with outside brokers had been incorrectly reported, with UBS WM denoted as Principal when it was in fact the Agent. UBS WM had also relied on another division of UBS to report those transactions executed with that division and it was found that these were either not reported or reported incorrectly since May 1999.

The FSA relies on firms to provide accurate transaction reports to enable it to maintain confidence in the financial markets and reduce financial crime.

UBS is taking the necessary remedial steps to improve its systems and controls in this area and has co-operated fully with the FSA's investigation into this matter. The decision in this case was the first made using the settlement process introduced following the Enforcement Process Review.

Comments: (0)

Comment on this story (membership required)

Related company news


Related blogs

Create a blog about this story (membership required)
visit www.ebaday.comvisit www.niceactimize.comvisit www.thomsonreuters.info

Who is commenting?

Top topics

Most viewed Most shared
Buffett rubbishes cryptocurrencies; South Korea preps exchange crackdownBuffett rubbishes cryptocurrencies; South...
11748 views comments | 16 tweets | 17 linkedin
Europe begins Open Banking era in subdued styleEurope begins Open Banking era in subdued...
9899 views comments | 32 tweets | 35 linkedin
Crypto mining threatened by power capacity concernsCrypto mining threatened by power capacity...
9672 views comments | 17 tweets | 18 linkedin
Exchanges call for global fintech standardsExchanges call for global fintech standard...
9376 views comments | 17 tweets | 13 linkedin
Wells Fargo to close 900 branchesWells Fargo to close 900 branches
9251 views comments | 14 tweets | 16 linkedin

Featured job

Competitive base + commission (double OTE)
London, UK

Find your next job