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20 Dec 2021 | 07:43

Standard Chartered fined £46.55m for misreporting liquidity position

(Sharecast News) - The Bank of England has slapped Standard Chartered with a £46.55m for repeatedly misreporting its liquidity position to the Prudential Regulation Authority. The fine comes as the watchdog stated Standard Chartered had reported the key liquidity metric incorrectly on multiple occasions and had not been "open and co-operative" with the British financial regulator.

According to the PRA, Standard Chartered had made five errors in its regulatory reporting between March 2018 to May 2019, resulting in the watchdog not having "a reliable overview" of the firm's US dollar liquidity position".

"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," said the PRA.

The fine was the highest ever handed down in a case where the PRA acted alone.

As of 0930 GMT, StanChart shares were down 2.06% at 423.0p.
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