It’s been a busy week at the Financial Conduct Authority (FCA) as two major banks took a serious hit after failing to comply with safe keeping rules and for misleading the Financial Ombudsman Service, FCA said.
U.K. watchdog has fined Bank of New York Mellon (BNY) $185 million for neglecting to safeguard customer money during the financial crisis. FCA said the fine was imposed on BNY Mellon’s London branch and on BNY Mellon’s International Limited for breaching its Custody Rules, which protects custody assets in the event a company becomes insolvent, so customers can easily retrieve their assets.
