PRA has fined Standard Chartered Bank £46.55m for:
- failings in its regulatory reporting governance and controls: PRA had imposed a temporary additional liquidity expectation on the bank in late 2017. Over a 14 month period, the bank made 5 errors in reporting the liquidity metric which meant PRA did not have a reliable overview of the bank’s USD liquidity position. PRA found failings in SCB’s internal controls and governance arrangements underpinning its regulatory reporting which contributed to the liquidity miscalculations and misreporting and also to failing to be open and honest with PRA. As such, it breached Fundamental Rule 6; and
- failing to be open and honest with the PRA: the bank did not notify PRA of one of the reporting errors until it had spent 4 months investigating it. PRA would have expected to be notified of the issue promptly upon the bank discovering it. As such, it considered the bank to be in breach of Fundamental Rule 7.