The Financial Services Authority has fined the London branch of Société Générale £1,575,000 (about $2,434,000) for failing to provide it with accurate transaction reports.

The FSA says the fine reflects the seriousness of SocGen’s failure to submit accurate reports for approximately 80 per cent of its reportable transactions, across all of its asset classes, for a period of over two years.

SocGen also breached FSA rules by failing to retain and have available all relevant transaction-reporting data. Firms must keep all data related to financial transactions and make it available to the FSA for at least five years.

Between November 2007 and February 2010, SocGen either failed to report, or inaccurately reported, 18.8 million of its 23.5 million reportable transactions. These breaches occurred despite the FSA sending repeated reminders to firms of their obligations to provide accurate data and of the importance of compliance with FSA rules on transaction reporting.

SocGen co-operated fully with the FSA in the course of its investigation and agreed to settle at an early stage, qualifiying for a 30 per cent discount on its fine.

This is the sixth fine the FSA has issued since August 2009 in relation to transaction reports. On 19 August 2009 the FSA fined Barclays, on 8 April 2010 Credit Suisse, Getcon Europe and Instinet Europe and on 27 April 2010 Commerzbank.