Latest News Headlines
Commercial Credit News
|BNY Mellon Enters Into Settlement Agreement With The U.K. Financial Conduct Authority|
|Thursday, 16 April 2015|
BNY Mellon today issued the following statement regarding the findings of a U.K. Financial Conduct Authority ("FCA") investigation into compliance with relevant FCA Principles and U.K. Client Asset Sourcebook ("CASS") rules during the period from November 2007 to August 2013:
"BNY Mellon has worked cooperatively with the FCA to address issues related to our CASS compliance. As part of its resolution with the FCA, BNY Mellon has agreed to pay a penalty of £126 million, including a discount which the FCA applied in recognition of the Company's cooperative efforts to resolve the matter at an early stage. This amount is fully covered by pre-existing legal reserves. Importantly, BNY Mellon remained financially robust throughout the relevant period and, as indicated by the FCA in its Final Notice, no clients suffered any loss as a result of the issues identified.
Forums International Ltd
Attendance at your first meeting is free of charge, and please quote reference 'CCR2016' to receive the special 10% discount off of your first annual subscription.
Find out more here.
The latest edition of CCR Magazine, the leading editorial publication in the UK credit industry, is out.
CCR is the premier magazine for consumer and credit professionals. It provides an independent voice to the industry, breaking major news stories and running in-depth features.
As a magazine, it works with and campaigns on behalf of the credit industry to promote its importance as a centre of potential profit and business development to the wider business world.
Providing information and analysis for thousands of senior credit professionals worldwide, every quarter.
GTS Media Ltd
81 Cambridge Road
Registered in England No: 05483197