FSA penalises those in finance jobs in London

The Financial Services Authority (FSA) has fined Goldman Sachs International (GSI), which offers finance jobs in London.

A £17.5 million payment will now be made by the investment banking firm following its breach of FSA rules regarding required reporting of activities to the regulatory body.

According to the organisation, Goldman Sachs International failed to provide notification of matters related to the United States Securities and Exchange Commission investigation into synthetic collateralised debt obligation.

Margaret Cole, managing director of enforcement and financial crime at the FSA, said: "GSI did not set out to hide anything, but its defective systems and controls meant that the level and quality of its communications with the FSA fell far below what we expect of an authorised firm."

Rachel Le Brocq, press and public affairs manager at the Building Societies Association, recently said that those with banking jobs in London need to ensure that ethics play a part in their operations.