LONDON (AP) — Britain's financial services watchdog has fined the London branch of French bank Societe Generale £1.6 million ($2.5 million) for failing to provide accurate transaction reports.

The Financial Services Authority said yesterday that the size of the fine reflects the seriousness of SocGen's failure to submit accurate reports for around 80 percent of its reportable transactions from November 2007 to February 2010.

Firms are required to ensure they submit data for reportable transactions by close of business the day after a trade is executed.

The FSA uses this data to detect and investigate suspected market abuse, including insider trading and market manipulation.

SocGen received a 30 percent discount after cooperating with the industry regulator.