UK regulator fines UBS £27.6m for making millions of errors, poor transaction reporting
21 Mar 2019

The Financial Conduct Authority has penalised UBS £27.6 million for making over 100 million errors and failing to provide accurate information regarding the reporting of transactions.

The shortcomings relate to transaction reports made from 2007, up to as recent as 2017. The bank also failed to take ‘reasonable’ care to organise its affairs regarding data maintenance in its reporting.

“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 FCA, which were not, in fact, reportable,” the watchdog said in a statement announcing the penalty.

“Altogether, over a period of 9 and a half years, UBS made 135.8m errors in its transaction reporting, breaching FCA rules.”

The lender would have been fined about £39 million, but qualified for a 30% discount as it agreed to resolve the case, the watchdog explained.

A UBS spokesman said the bank has made ‘significant’ investments to enhance its transaction reporting systems and that is has ‘fully provisioned’ for the matter.

Irene Madongo

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