Another day and another fine from the Financial Services Authority.
This time it’s Goldman Sachs on the receiving end. A £25m hit (reduced to £17.5m for good behaviour) for the heinous crime of not telling the FSA it was being investigated by the SEC over the Fab Fabrice/Abacus CDO case.
Tut, tut.
Anyway, that takes the fines levied by the City regulator to almost £84m, up from £35m in 2009 and a pitiful £22m in 2008.
Impressive stuff, although it would be interesting to know the costs of this more proactive regulatory stance. The Goldman investigation, for example, took five months
Anyway, the fines can be tracked on the FSA website, which coincidentally someone needs to update PDQ.
Screen shot as of 9.42am BST on Thursday:
So nice to see that Goldman isn’t the number 1 in everything it does.
Related link:
Goldman fined £17.5m by UK regulator – FT