Hard on the heels of the £27.5 million that it levied last month on UBS for bad transaction reporting between 2007 and 2017, the UK's Financial Conduct Authority has now fined Goldman Sachs a similar sum for failing to provide it with accurate and timely reports relating to 220.2 million transactions that occurred over roughly the same period.

Mark Steward, the FCA's executive director of enforcement and market oversight, has decried the banking giant's transgressions as "serious and prolonged." He said that Goldman had failed to provide his outfit with complete, accurate and timely information over the aforementioned 9½ years in relation to 213.6 million reportable transactions, while also erroneously sending off information about 6.6 million transactions that did not merit reporting, making a total of 220.2 million errors.

The FCA also says that Goldman failed to organise and control its affairs responsibly and effectively in respect of its transaction reports as a result of bad change management processes, bad maintenance of counterparty reference data that it was supposed to use in its reports and bad testing of the reports before it sent them off to the regulators. Goldman agreed to resolve the case immediately and therefore qualified for a 30% discount from a penalty that would otherwise have reached £49,063,900.