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Deutsche Bank fined £4.7m over reporting failures

Deutsche Bank fined £4.7m over reporting failures

Deutsche Bank has been fined £4.7 million by the Financial Conduct Authority over its failure to correctly report derivative transactions between 2007 and 2013.

The fine related to almost 30 million CFD transactions entered by Deutsche Bank over the period.

‘There is simply no excuse for Deutsche's failure to get this right,’ said Tracy McDermott, FCA head of enforcement. ‘Other firms should be in no doubt about our continued focus on this issue.’

‘Effective market surveillance is critical to maintain the integrity of our markets and depends on accurate and timely reporting of transactions.

‘Deutsche is a major market participant responsible for reporting millions of transactions every year. We have repeatedly highlighted the importance of accurate transaction reporting and taken enforcement action against a number of firms.’

The FCA added that the fine followed previous unpublicised warnings handed to the bank over the regulator’s concerns about its reporting procedures.

Deutsche settled the investigation at an early stage of the process and received a discount on the potential fine of almost £7 million.

The fine follows similar reporting penalties previously handed out to Barclays, Credit Suisse, Instinet, Getco, Commerzbank, Société Générale, City Index, James Sharp & Co, Plus500UK and RBS

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Profile: The opportunity set that attracted Brett Williams to wealth management

Profile: The opportunity set that attracted Brett Williams to wealth management

Brett Williams is best known for helping to build some of the biggest platforms in the IFA market.He made the move over to wealth management to head SEI’s UK business earlier this year in the belief that this is where the best opportunities now lie.

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