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Britain's financial watchdog fined State Street 22.9 million for deliberately overcharging its clients, and said the custody bank acted with "complete disregard" for the interests of its customers.
The fine is one of the largest imposed by the watchdog in recent years,[url=http://www.marcjacobshandbags.in.net/]marc jacobs watches[/url], and the latest where financial firms have been found to put profit before the interest of their customers.
Those clients included the NTMA and large investment management firms and pension funds holding the funds and savings of retail investors,[url=http://www.barbour--jackets.co.uk/]barbour clothing[/url]. Custody banks manage cash for companies and handle back office processing of securities and banking transactions for fund managers,[url=http://www.doudoune--moncler.fr/]moncler site officiel[/url].
The FCA said the firm had developed and executed a deliberate strategy to charge substantial mark ups on agreed fees. The overcharging contributed over a quarter of revenues at the business unit responsible for the failings. The overcharging was also concealed from clients,[url=http://www.hollister-abercrombie.fr/]hollister france[/url], the FCA said,[url=http://www.sac-lancelpascher.fr/]sac lancel[/url], and only came to light after one discovered the mark ups on certain trades that had not been agreed and notified State Street staff.
"The findings we publish today are another example of a firm that has acted with complete disregard for the interests of its customers,[url=http://www.longchampbags.me.uk/]longchamp[/url]," Tracey McDermott,[url=http://www.p90x-workout.us@#$%&/]p90x lean[/url], director of enforcement and financial crime at the FCA,[url=http://www.redbottomshoes.in.net/]red bottoms shoes[/url], said.
Lloyds TSB Bank was fined 28 million in December for the way it encouraged staff to sell products that customers did not need,[url=http://www.nikeair-max.fr/]air max 1[/url], while Clydesdale Bank was charged 8.9 million in September for a mix up in the amount it charged more than 40,[url=http://www.sacmichaelkors-pascher.fr/]michael kors sac[/url],000 mortgage clients.
State Street said in a statement it deeply regretted the failings and had worked hard to enhance its controls over the past few years,[url=http://www.burberryoutlet.in.net/]burberry handbags[/url]. The firm also dismissed staff in 2011 who were centrally involved in the overcharging,[url=http://www.outletonline-michaelkors@#$%&/]michealkors[/url].
"Their behavior was unacceptable and a significant departure from the high standards of conduct and transparency that we expect and certainly not consistent with the manner in which our employees act on behalf of clients every day,[url=http://www.michael-kors-outlet-online.us@#$%&/]michael kors[/url]," it said.
The FCA said that when those responsible for the mark ups were contacted by the client,[url=http://www.michaelkorshandbags-uk.co.uk/]michael kors watch[/url], the staff claimed both to the client and later to State Street UK's compliance department that the charging was an inadvertent error. They arranged for a substantial rebate to be paid but failed to disclose the existence of further mark ups on other trades.

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