UK FSA hits Goldman Sachs with £17.5 million reporting fine

UK FSA hits Goldman Sachs with £17.5 million reporting fine

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LONDON – Goldman Sachs has been slapped with a £17.5 million fine by the Financial Services Authority (FSA) for "inadequate" systems that meant it failed to disclose investigations into the bank in the US.

The fine is one of the largest ever imposed by the FSA, though Goldman received a 30% discount for its co-operation in the investigation, lowering it from £25 million.

The fine relates to investigations by the Securities and Exchange Commission (SEC) on a Goldman Sachs product, the "Abacus"

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