The PRA has fined the following (both including a 30 per cent discount) for failing to inform the PRA, in breach of the PRA’s Fundamental Rule 7, of an investigation of BTM by the New York Department of Financial Services (DFS). The Bank of Tokyo-Mitsubishi Limited (BTM) £17.85 million and MUFG Securities EMEA (MUS) £8.925 […]

Summary The recent financial penalty imposed on R. Raphael & Sons Plc (“Raphaels”) by the Prudential Regulatory Authority (“PRA”) underlines the importance of having proper and formalised outsourcing arrangements in place with service providers (even where these are intra-group). Although authorised financial institutions may outsource important operational functions, the responsibility to comply with regulation will […]