State Street bank fined €27.9m

The National Treasury Management Agency (NTMA) has been named as one of six firms that were deliberately overcharged by State Street bank, according to Britain’s financial watchdog.

The Financial Conduct Authority (FCA) said the bank acted with “complete disregard” for the interests of its customers as it imposed a £22.9 million (€27.9m) penalty for failings in its transition management business.

The bank secured a 30% reduction on the fine by agreeing to settle early.