Societe Generale fined 1.6 million pounds: regulator

25th August 2010, Comments 0 comments

Britain's financial regulator on Wednesday said it had fined French bank Societe Generale 1.575 million pounds after the group's London division failed to report its transactions properly.

The fine, worth 1.92 million euros or 2.43 million dollars, is for failing to submit accurate data for most of its transactions between November 2007 and February 2010, the Financial Services Authority said in a statement.

"The FSA has fined the London branch of Societe Generale 1.575 million pounds for failing to provide accurate transaction reports to the FSA," it said.

"The fine reflects the seriousness of SocGen's failure to submit accurate reports for approximately 80 percent of its reportable transactions, across all of its asset classes, for a period of over two years."

The FSA added that it has now issued six fines on companies for financial reporting failures over the past year.

© 2010 AFP

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