Banking giant fined PS126m; UK BULLETINS.
A US banking giant has been fined PS126m by the City regulator for breaking rules designed to protect more than PS1 trillionworth of assets held on behalf of UK-based clients in the event of a Lehman Brothers-style collapse.
The Bank of New York Mellon was handed the penalty by the Financial Conduct Authority (FCA) over failings between November 2007 and August 2013.
It was found to have breached rules over its role as a "custody bank", with the "systemically important" role of keeping assets safe. The seriousness was compounded by the fact that this took place at a time of "considerable stress in the market".
Failings covered the Bank of New York Mellon London Branch (BNYMLB) and the Bank of New York Mellon International Limited (BNYMIL), which together provide custody services to 6,089 UK-based clients.
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|Publication:||Western Mail (Cardiff, Wales)|
|Date:||Apr 16, 2015|
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