Commerzbank hit with FSA fine for report failure

The Financial Services Authority today continued to flex its regulatory muscle, hitting the London branch of Commerzbank with a £595,000 fine for failing to provide accurate reports on its trading.

The FSA said Commerzbank had either failed to report or inaccurately reported almost all of its transactions over two years, despite the watchdog sending "repeated reminders" about the rules.

The bank was granted a 30% discount on the fine because it co-operated with the FSA.

Alexander Justham, director of markets at the FSA, said: "Commerzbank's reporting failures could have a damaging impact on our ability to detect and investigate suspected market abuse."