Deutsche Bank fined £4.7m by British watchdog

28th August 2014, Comments 0 comments

German lender Deutsche Bank has been fined more than £4.7 million ($7.8 million, 5.9 million euros) for incorrectly reporting some financial transactions, regulators said on Thursday.

The Financial Conduct Authority (FCA) said in a statement that it had fined the bank's London branch £4,718,800 for failing to properly report more than 29.4 million equity swap contracts-for-difference (CFD) transactions between November 2007 and April 2013.

"There is simply no excuse for Deutsche's failure to get this right," said Tracey McDermott, Director of Enforcement and Financial Crime at the FCA. "Other firms should be in no doubt about our continued focus on this issue."

Deutsche Bank is the eleventh group to be fined by the FCA for transaction reporting breaches.

© 2014 AFP

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