Société  Générale will have to pay £1.575 million as fine for showing incorrect reports to UK supervisory body on 80% of its businesses in the last 2 years.

The Financial Services Authority reported that the French bank was unable to provide an account of 18.8-million worth trade between November 2007 and February 2010.

Although the inaccurate trade reports will not affect the customers and the market, they are significant to the FSA’s capability to examine the insider trade.

Margaret Cole, the FSA's Director of Enforcement and Financial Crime, said that SocGen’s failure to give an accurate report of its transactions is a serious violation of rules.

A Spokesperson for SocGen said that the Company is fully co-operating with the FSA officials in this matter and has taken all the required measures to make sure that business reporting obligation to the FSA is on the right track. The officers also mentioned that because of the co-operation, the regulatory body has reduced the fine by 30%.

It is worth mentioning that this fraud came into light in 2008 when it was discovered that businessman Jérôme Kerviel’s bad tactics have cost the Company almost €5 billion loss. At that time, SocGen was told many times to take action against the defaulter, but it didn’t heed to the warnings.