British bank Barclays was fined £2.45 million for failing to provide accurate reports and flaws in its procedures.

Companies need to submit data for reportable transactions and failures by investment bank arm Barclays Capital could have damaged the Financial Services Authority’s (FSA) ability to detect and investigate suspected market abuse, the FSA said.

“The penalty imposed on Barclays is significantly higher than previous penalties . . . The FSA will not tolerate inadequate systems and controls,” said Alexander Justham, the FSAs director of markets. – (Reuters)