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UK watchdog fines Deutsche Bank $8 million for reporting errors
August 28, 2014 / 9:41 AM / 3 years ago

UK watchdog fines Deutsche Bank $8 million for reporting errors

LONDON, Aug 28 (Reuters) - Britain’s financial regulator said it has fined Deutsche Bank 4.7 million pounds ($8 million) for incorrectly reporting certain market transactions for nearly six years.

“We have repeatedly highlighted the importance of accurate transaction reporting and taken enforcement action against a number of firms,” Tracey McDermott, director of enforcement at the Financial Conduct Authority said in a statement on Thursday.

“There is simply no excuse for Deutsche’s failure to get this right. Other firms should be in no doubt about our continued focus on this issue,” McDermott said.

Deutsche Bank is the eleventh firm it has fined for transaction reporting breaches. The bank’s fine would have been 6.74 million pounds if it had not agreed to settle early with the FCA. (1 US dollar = 0.6026 British pound) (Reporting by Huw Jones, editing by Matthew Scuffham)

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