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UK: Regulator fines Bank of NY Mellon $186 million

By  |  April 16, 2015

Britain’s markets regulator has fined Bank of New York Mellon 126 million pounds for failing to keep customer money safe during the financial crisis.

The Financial Conduct Authority said on Wednesday the fine was levied on Bank of New York Mellon’s London branch, and on Bank of New York Mellon International Limited for breaches that spanned nearly six years from November 2007 to August 2013.

Bank of New York Mellon is the world’s biggest custody bank, whose business is looking after financial assets such as stocks and bonds for customers.

“The firms’ failure to comply with our rules including their failure to adequately record, reconcile and protect safe custody assets was particularly serious given the systemically important nature of the firms and the fact that safeguarding assets is core to their business,” Georgina Philippou, acting director of enforcement and market oversight at the FCA said.

 

Full Content: The Financial Times

 

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