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FSA to investigate Goldman Sachs FSA to investigate Goldman Sachs
(21 minutes later)
The Financial Services Authority (FSA) is starting a formal UK enforcement investigation into Goldman Sachs in relation to recent fraud allegations.The Financial Services Authority (FSA) is starting a formal UK enforcement investigation into Goldman Sachs in relation to recent fraud allegations.
The move follows claims made by the Securities and Exchange Commission in the US that Goldman defrauded investors during the sub-prime housing crisis.The move follows claims made by the Securities and Exchange Commission in the US that Goldman defrauded investors during the sub-prime housing crisis.
Goldman Sachs has strongly rejected the SEC's claims as wrong "in fact and law".
The FSA said it would liaise closely with the SEC in its review.The FSA said it would liaise closely with the SEC in its review.
Goldman Sachs is due to announce its profits for the first three months of 2010 later on Tuesday.Goldman Sachs is due to announce its profits for the first three months of 2010 later on Tuesday.
Goldman has strongly rejected the SEC's claims as wrong "in fact and law". It is unusual for the FSA to announce the beginning of a formal investigation. It is understood that the investigation process typically takes months, if not years.
The enforcement division of the FSA will now have powers to demand that Goldman provide it with documentation such as records of transactions and records of telephone calls.
If the watchdog finds Goldman at fault, it could impose a fine on the bank.
On Sunday, Prime Minister Gordon Brown called for the FSA to launch an inquiry into Goldman Sachs.