Bank’s €175m fine for failing to protect client assets

One of the world’s largest global custody banks has been fined a record £126m (€175.6m) by the UK’s Financial Conduct Authority for failing to adequately protect their clients assets.

Bank of New York Mellon (BNY), which has branches across the world including in Dublin and London, was handed the multi-million euro fine for a “particularly serious” failure to comply with the FCA’s rules between November 2007 and August 2013.

“Our custody rules are in place to ensure that clients are protected in the event of insolvency, FCA acting director of enforcement and market oversight, Georgina Philippou said.