FCA fines Goldman Sachs International £34.3m

The FCA said GSI also failed to take reasonable care to organise and control its affairs responsibly and effectively in respect of its transaction reporting.

The failings related to aspects of GSI’s change management processes, its maintenance of the counterparty reference data used in its reporting and how it tested whether all the transactions it reported to the FCA were accurate and complete.

GSI agreed to resolve the case and therefore qualified for a 30% discount in the overall penalty.

Earlier this month, the FCA fined UBS £27.6m over similar reporting errors.

Mark Steward, executive director of enforcement and market oversight at the FCA, said: "The failings in this case demonstrate a failure over an extended period to manage and test controls that are vitally important to the integrity of our markets.

"These were serious and prolonged failures. We expect all firms will take this opportunity to ensure they can fully detail their activity and are regularly checking their systems so any problems are detected and remedied promptly, unlike in this case."