The FSA has fined two firms a total of £250,000 for failing to provide accurate and timely transaction reports to the FSA in respect of reportable transactions carried out. The final notices in respect of Plus500UK Limited and James Sharp and Company were published on October 24 and show that between November 2007 and November 2011 the two firms failed to report a total of 1,403,000 trades accurately and failed to report 160,000 of these trades at all. These failures were caused by the firms having inadequate systems and controls for the reporting of trades.

The FSA has stated that it views accurate transaction reports as a key tool in its efforts to tackle market abuse, and will take action to ensure firms comply with their reporting obligations.