FCA Fines BNY Mellon $185M For Compliance Failures

The Financial Conduct Authority, Britain’s market regulator, has fined the Bank of New York Mellon $185 million (£126 million) for failing to protect its customers’ assets. The fine is the eighth largest ever imposed by the FCA. Breaches spanned nearly six years The FCA has fined the bank’s London branch and its international business $185 million for failing to comply with the FCA Client Assets Sourcebook (Custody Rules, or CASS), which applies to safe custody assets and client money. The fine was levied for breaches that spanned nearly six years from November 2007 to August 2013. The Bank of New York Mellon…