City Index fined £490k by FSA

THE Financial Services Authority (FSA) yesterday fined spread-betting company City Index £490,000 for failing to provide accurate transaction reports.

Between November 2007 and September 2009, unlisted City Index failed to submit accurate transaction reports in respect of approximately two million transactions, representing nearly 60 per cent of its reportable transactions, the FSA said.

City Index failed to report approximately 55,000 transactions and reported approximately 1,970,000 transactions with one or more data fields completed improperly, it said.