The FCA has fined UBS AG for transaction reporting failures during the period November 2007 to May 2017. The FCA reported that a total of 135.8 million errors in reporting were made during this period. It queried whether UBS had taken reasonable care to organise and control its affairs responsibly and effectively in this respect.
UBS self-identified and notified the FCA of over 85% of the reporting errors. UBS agreed to resolve the matter, and therefore received a discounted fine.
The FCA has to date fined 13 firms for MiFID transaction reporting breaches.