FCA action on reporting

Gabriel reports may become a target. 

The regulator has fined UBS almost £30m for transaction reporting failures spanning a decade. 

The £27,599,400 fine relates to a failure by UBS to provide complete and accurate information in relation to almost 90m transactions. 

The errors went undetected for ten years.

To date, the FCA has fined 12 other firms for Mifid reporting breaches: Merrill Lynch International, Deutsche Bank, Royal Bank of Scotland, James Sharp & Co, Plus500UK, City Index Limited, Société Générale, Commerzbank AG, Instinet Europe Limited, Getco Europe Limited, Credit Suisse, and Barclays Capital Securities Limited and Barclays Bank Plc.

The firm Breached Principle 3 of the FCA's Principles for Businesses, which requires firms to take reasonable care to organise and control their affairs responsibly and effectively, with adequate risk management systems.

Two points: 

1. Errors were over ten years

2. Most Gabriel returns that we see done by firms in-house are, frankly, sloppy and open to challenge.  

Use BAT turnover record to provide consistency. 

Alastair.frame@ifac.eu sorts most IFAC Gabriel returns for clients.