LONDON -(Dow Jones)- Spread-betting broker City Index Ltd. was fined GBP490,000 Thursday for failing to report transactions to U.K. markets watchdog the Financial Services Authority, the latest in a series of fines on banks and brokers for not keeping proper records.

The problems highlight the scope for error in financial companies’ technology and software, as well as simple human mistakes of entering the wrong information in a data field.

Fox Business, January 21, 2011

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