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FSA fines Goldman Sachs International GBP 17.5m

9th September 2010

London-based financial firm Goldman Sachs International (GSI) has been fined GBP 17.5 million by the Financial Services Authority (FSA).

The watchdog issued the fine, which is one of the largest it has ever levied, for the investment group's failure to comply with its UK regulatory reporting obligations.

GSI, which is part of the international Goldman Sachs Group, did not inform the FSA that one of its employees, Fabrice Tourre, was being investigated by the US Securities and Exchange Commission when he was working in the UK.

Margaret Cole, managing director of enforcement and financial crime at the FSA, commented: 'GSI did not set out to hide anything, but its defective systems and controls meant that the level and quality of its communications with the FSA fell far below what we expect of an authorised firm.'

She added that the case should serve as a reminder to the senior management of other large financial institutions of the need to abide by their UK reporting requirements.

Last month, the FSA issued a fine of GBP 2.275 million to the UK branch of Zurich Insurance after it lost the personal details of 46,000 policyholders.
 

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