![]() The PRA added that its investigation found that Standard Chartered also failed to implement a documented policy setting out when liquidity errors should be notified to the regulator. ![]() ![]() Video: SEC to Propose Tougher Swap Position Disclosure Rules (Bloomberg) “Standard Chartered’s systems, controls and oversight fell significantly below the standards we expect of a systemically important bank, and this is reflected in the size of the fine in this case.” Sam Woods, deputy governor for prudential regulation at the Bank of England and chief executive officer of the PRA, said: “We expect firms to notify us promptly of any material issues with their regulatory reporting, which Standard Chartered failed to do in this case. The PRA said the bank had only told it about one of the mistakes following an internal four-month review process. It said Standard Chartered made five regulatory reporting errors over the period, during which the PRA had imposed a temporary extra liquidity requirement of the bank due to outflows of dollars in the previous year. The central bank’s Prudential Regulation Authority (PRA) watchdog said the fine related to failings made at the bank between March 2018 and May 2019. The Bank of England has fined banking giant Standard Chartered £46.55 million for misreporting its liquidity position and controls failures.
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