FSA fines Commerze for “inaccurate reports”

FSA fines Commerze for "inaccurate reports"

Watchdog said firm failed to file adequate reports "despite repeated reminders"

The UK financial regulator has handed a £595,000 fine to Commerzbank after it
failed to file adequate reports for two years.

The Financial Services Authority (FSA) announced the fine today warning that
“reporting failures could have a damaging impact on our ability to detect and
investigate suspected market abuse”.

The authority said Commerzbank were serial offenders and for two years
“either failed to report or reported inaccurately”.

“These breaches occurred despite the FSA sending repeated reminders to firms
of their obligations to provide accurate data and the importance of compliance
with the FSA rules on transaction reporting, and specific requests to
Commerzbank for the firm to check its data,” the FSA said in a statement.

The FSA said Commerzbank had now taken a number of steps to address concerns
and committed extensive resources to improve its processes and resolve the
errors.

Further reading:
FSA
fines Commerzbank for failures in transaction reporting

Share

Subscribe to get your daily business insights

Resources & Whitepapers

The importance of UX in accounts payable: Often overlooked, always essential
AP

The importance of UX in accounts payable: Often overlooked, always essentia...

2m Kloo

The importance of UX in accounts payable: Often ov...

Embracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...

View article
The power of customisation in accounting systems
Accounting Software

The power of customisation in accounting systems

2m Kloo

The power of customisation in accounting systems

Organisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...

View article
Turn Accounts Payable into a value-engine
Accounting Firms

Turn Accounts Payable into a value-engine

3y Accountancy Age

Turn Accounts Payable into a value-engine

In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

View resource
8 Key metrics to measure to optimise accounts payable efficiency
AP

8 Key metrics to measure to optimise accounts payable efficiency

2m Kloo

8 Key metrics to measure to optimise accounts paya...

Discover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...

View article