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HSBC Fined By FSA For Transaction Reporting Breaches

by Robin Pilgrim, LawAndTax-News.com, London

15 December 2005


The Financial Services Authority (FSA) on Wednesday fined HSBC Bank plc GBP100,000 for failing to take reasonable steps to ensure the accuracy of transaction reports it made to the FSA from December 2002 until August 2005.

In July 2005, the FSA requested certain trading information from HSBC Stockbroker Services (HSS) which, when reviewed, revealed that HSS had reported a client transaction as a "sale" prior to a positive announcement and a "purchase" after it.

Following discussions between the FSA and HSBC it emerged that transaction reports being made through HSS had been inaccurately representing client purchases as client sales and vice versa.

In a statement, the financial services regulator explained that:

"The FSA relies on firms to provide accurate transaction reports to enable it to monitor the market effectively and failing to do so could affect the FSA's ability to maintain confidence in the financial markets and reduce financial crime."

HSBC has taken the necessary remedial steps to improve its systems and controls in this area, and reportedly co-operated fully with the FSA's investigation into the matter.


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