Home Business NewsBusinessBanking Standard Chartered fined £46.5m over reporting failures

Standard Chartered fined £46.5m over reporting failures

by LLB Reporter
20th Dec 21 10:56 am

Standard Chartered is set to pay £46.5m after it failed to cooperate with regulators at the Bank of England.

“We expect firms to notify us promptly of any material issues with their regulatory reporting, which Standard Chartered failed to do in this case,” said Sam Woods, the chief executive of the PRA.

“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.”

The bank said in a statement: “Standard Chartered has cooperated proactively and fully with the PRA’s investigation and has made significant improvements to and substantial investment in its liquidity and regulatory reporting processes and controls and remains committed to accurate regulatory reporting.”

Standard Chartered qualified for a 30% reduction in the fine by agreeing to resolve the matter with the PRA. Without the discount, it would have been fined £66.5m.

Leave a Commment

CLOSE AD

Sign up to our daily news alerts

[ms-form id=1]