September 8, 2009

Barclays fined for poor reporting

British banking regulators say they fined Barclays, the country's second largest bank, $4 million for failing to report millions of transactions.

The Financial Services Authority said the bank failed to conduct its business with due skill, care and diligence, The Times of London reported Tuesday.

The bank is expected to report on every financial market transaction. In total, the bank failed to report 57.5 million transactions between November 2007 and November 2008, regulators said.

Regulators use the data to find market abuses, but found no such irregularities at the bank -- only the lack of accurate reporting, The Times said.

The FSA called the violations serious. The fine is the eighth largest handed out by the FSA.