UBS fined £27.6m for transaction reporting failures

UBS has been fined £27.6m by the Financial Conduct Authority for failings relating to 135.8 million transaction reports between November 2007 and May 2017. The FCA said UBS failed to ensure it provided complete and accurate information in relation to approximately 86.67m reportable transactions. It also erroneously reported 49.1m transactions to the regulator, which were not actually reportable. Altogether, over a period of almost a decade, UBS made 135.8m errors in its transaction reporting, breaching FCA rules.

The watchdog also found that UBS failed to take reasonable care to organise and control its affairs responsibly and effectively in respect of its transaction reporting. These failings related to aspects of UBS’s change management processes, its maintenance of the reference data used in its reporting and how it tested whether all the transactions it reported to the FCA were accurate and complete.

Executive director of enforcement and market oversight at the FCA, Mark Steward, commented: "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 agreed to resolve the case and so qualified for a 30% discount in the overall penalty, without which it would have amounted to £39,427,795.

    Share Story:

Recent Stories