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04.01 - 21:15
Standard Chartered fined £46.5m by Bank of England over reporting failures
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The Bank of England has fined Standard Chartered £46.5m for repeatedly misreporting its liquidity position and for “failing to be open and cooperative” with the regulator.
The Bank’s Prudential Regulation Authority (PRA) said Standard Chartered had made five errors in reporting an important liquidity metric between March 2018 and May 2019, which meant the watchdog did not have a reliable overview of the bank’s US dollar liquidity position.
At the time, the lender was temporarily subject to extra liquidity requirements because the PRA was concerned about US dollar outflows.
The regulator said this was the largest fine it had ever levied in a case where it was the only enforcing body.
“We expect firms to notify us promptly of any material issues
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