UK Watchdog FSA Fines HSBC Again
LONDON (Reuters) - Britain’s Financial Services Authority (FSA) said on Wednesday it had fined global bank HSBC 100,000 pounds for failing to ensure the accuracy of transaction reports from its stockbroking unit.
“In July 2005 the FSA requested certain trading information from HSBC Stockbroker Services (HSS) which, when reviewed, revealed that HSS had reported the client transaction as a ’sale’ prior to a positive announcement and a ‘purchase’ after it,” the regulator said in a statement.
“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.”
The FSA said the transaction reports dated from December 2002 until August 2005. The watchdog said HSBC, the world’s third largest bank, had taken steps to improve its systems and controls and had cooperated with the FSA’s probe.
HSBC, which is headquartered in London but has operations in 77 countries, said it regretted the technical failures.
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