FCA fines Deutsche by £4.7m

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The Financial Conduct Authority (FCA) has fined Deutsche Bank by £4.7 (€5.9m)for inaccurately reporting transactions of more than €29m between 2007 and 2013.
Deutsche failed to properly report all of its 29,411,494 Equity Swap CFD transactions over the period. According to Deutsche, this occurred due to a software recording error.

Tracey McDermott, the FCA’s director of enforcement and financial crime, commented “We are particularly concerned because we have provided extensive guidance to firms on how to submit and check these reports, have already taken action against several other firms, and have previously issued Deutsche with a private warning in relation to other similar transaction reporting failures. The size of the fine reflects the very significant number of misreported transactions.”

Deutsche agreed to settle at an early stage of the investigation, and received a 30% reduction of their fine.

ABOUT THE AUTHOR
Mona Dohle
Mona Dohle speaks German and Dutch, she is DACH & Benelux Correspondent for InvestmentEurope. Prior to that, she worked as a journalist in Egypt and Palestine. She started her career as a journalist working for a local German newspaper. Mona graduated with an MSc in Development Studies from SOAS and has completed the CISI Certificate in International Wealth and Investment Management.

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