Printer Friendly

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.

COPYRIGHT 2015 MGN Ltd.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2015 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Western Mail (Cardiff, Wales)
Geographic Code:4EUUK
Date:Apr 16, 2015
Words:136
Previous Article:Titanic death letter found; UK BULLETINS.
Next Article:Migrant deaths 'worst' incident; WORLD BULLETINS.
Topics:

Terms of use | Privacy policy | Copyright © 2019 Farlex, Inc. | Feedback | For webmasters