Fines by British regulator the FCA have highlighted shortcomings at large banks
By Phil Beckett, partner at Proven Legal
Technologies, the corporate forensic investigation and
The Financial Stability Board warned that
banks are still not doing enough to reform in the wake of
the foreign-exchange rigging scandal, stating that more
regulation may be needed to force through improvements.
Financial institutions in the UK have a history of not
providing all the information required by the regulators, which
has resulted in several reprimands from the Financial Conduct
Authority (FCA) and 2014 alone racked up nearly £1.5bn in
Several large organisations were heavily
fined following foreign-exchange rigging, but what skeletons
exist in the cupboard for the smaller companies? The
FSB’s warning should act as a call to action for
all financial institutions to tighten their data protection
measures. Not only would this minimise misconduct and
breaches taking place, but also ensure banks meet regulatory
requirements if the regulators do come knocking.
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