Unfair Banking: The Financial Regulators
The Financial Regulators have decided not to impose a hefty £120million on the wilting Co-Operative Bank. The 11th hour reprisal could be taken as a sign of the unfair banking system operating in the UK. The narrowly avoided fine dodge came after the near collapse of the The Co-operative Bank two years ago.
Both the Prudential Regulation Authority and the Financial Conduct Authority found “serious and wide-ranging failings” after an 18th month investigation. The investigation honed in on in the lenders control and risk management framework. It found failures to be open & cooperative with the regulators.
Regulators had stated the breaches in conduct were severe enough to warrant a substantial monetary penalty.
The failure to impose a fine has been positioned on the Co-Operate Banks precocious position. In all circumstances, the lender has got away without a £120million fine. Would the Co-Operative Bank be so very generous should the tables be turned?
The chief executive of the Prudential Regulation Authority stated at length the failing of the Co-Operative Bank. He also stated the seriousness of the failings. However, the seriousness apparently did not warrant any fines.
The investigation has found the lender failed to manage risk properly, hardly surprising considering it’s now dubious positions. They also high-lighted a culture of thinking in the short-term. Hardly reassuring for an institution used to protect your capital.
Once again, the severity of all found failings did not warrant a fine. According to the two main financial regulators. Would the Co-Operative Bank be so kind to its own customers should there be failings? Is this another example of an unfair banking system?
Unfair Banking in the UK
Banks who actually have been subject to fines from regulatory bodies reads like a who’s-who of UK lenders. Thus far, Barclay’s remained the most admonished. The British high street lender has been hit in the pocket due to failing to control business practices in its foreign exchange (FX) business in London. Unfair banking practices resulted in the manipulations of exchange rates.
Lingering not far behind in second place is UBS. Deutsche Bank takes the dubious title of third. Other lenders rounding out the most-fined list include British high street anchors HSBC, Royal Bank of Scotland & Lloyd’s.
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