Societe General fined £1.58 million by FSA

French investment bank Societe General (SocGen) has been fined £1.58 million for failing to provide accurate transaction records to the Financial Services Authority (FSA). Almost 80 per cent of the firm's transactions, amounting to £18.8 million, were not reported correctly to the banking regulator over the course of more than two years. Margaret Cole, director of enforcement and financial crime at the FSA, said: "This is the sixth case in the last year where we have taken action against a firm for failures to make accurate transaction reports. SocGen failed to accurately report a very high proportion of its transactions for a significant length ...