In September 2009, UK regulator the Financial Services Authority (FSA) fined Barclays Capital £2.45 million for transaction reporting errors. Some of the errors listed in the FSA report were related to reference data, making this case one of the first reference data-focused fines in the industry. Data experts then said this was not likely to be an isolated incident. They were right.
Following the Barclays fine, market participants said they were concerned reference data quality would be subject