The London branch of the Societe Generale bank of France has been fined with 1.575 million pounds as it failed to provide correct transaction reports of the bank accounts of its customers.
The Financial Services Authority (FSA) has said that the French bank Societe Generale had not submitted correct information for its 80% of transactions in last two years.
FSA has described this fault of the Societe Generale as a serious breach. On the other hand, the bank has said that it had already taken some necessary steps to correct the fault.
FSA had also fined 2.27 million pounds to the UK operations of Zurich Insurance as it was found guilty of loosing personal details of its customers.
The timely and accurate transaction reports of the banks are very useful for the financial regulators as they detect and investigate the faults of the market from those reports.
According to FSA, it has happened for the sixth time in this year that so it has taken strict action against a banking firm for not producing accurate report in time. In last year Barclays bank was fined with 2.45 million pounds as it failed to submit correct trading reports.
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