A Fine Climate
In September, 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. The question now is whether this is the start of a new era of fines for failure to meet requirements for identification.
The general consensus is that the FSA will continue to push for more seriousness and
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