Plus500UK Limited (Plus500) and James Sharp and Company (JSC) have been fined £205,128 and £49,000 respectively for failing to accurately and promptly provide transaction reports to the FSA.

Between 29 June 2010 and 5 November 2011, Plus500 made 1,332,000 reportable transactions but failed to report any of them accurately and did not report 189,000 of them at all. The FSA found that Plus500's systems and controls were inadequate as it failed to set up effective and appropriate reporting systems and did not provide any training on this to staff.

Similarly, JSC failed to report 71,000 reportable transactions during the period 5 November 2007 and 8 February 2011. JSC's systems and controls were also found to be inadequate, as the firm lacked appropriate procedures.