March 19, 2019

FCA imposes record fine on Swiss financial services company

The UK financial Conduct Authority (FCA) has fined UBS AG, a Swiss multinational diversified financial services company, £27,599,400 for failing to report over 86 million reportable transactions over a period of nine and a half years, and for reporting over 49 million transactions that were not reportable pursuant to FCA rules.  The fine is the largest ever imposed by the FCA for transaction reporting breaches, yet represents a 30% discount granted to UBS for agreeing to resolve the case.  According to Mark Steward, FCA Executive Director of Enforcement and Market Oversight, the FCA found that UBS failed to take reasonable care to ensure that its change management processes, its maintenance of the reference data used for reporting transactions, and its transaction testing processes, were accurate and complete.

FCA press release