Standard Chartered fines £ 46m for financial reporting and failure to ‘open and contract’

The UK’s Prudential Regulation Authority has fined Standard Chartered more than £ 46.5m for repeatedly stating the amount of misappropriation and not being “open and coherent” with one of Britain’s finance managers.

The fine, the highest ever issued by the PRA in a coercive case, relates to what Standard Chartered reported incorrectly reporting the lack of funding from March 2018 to May 2019.

The PRA said Standard Chartered made five errors in reporting its corrective action at the time, so “PRA had no reliable information on its financial position in the USD”. The PRA re-established a temporary bank account due to concerns about the release of dollars in October 2017.

The bank only informed the PRA of one of the errors after a four-month internal audit.

“We expect businesses to promptly inform us of any issues related to their reports, which Standard Chartered failed to address in this regard,” said Sam Woods, PRA chief executive.

“Standard Chartered management, management and supervision have been significantly lower than we expect from a systematic bank, and this is reflected in the increase in fines in this regard.”

The PRA noted that all Standard Chartered funds were above what was required for the entire period. The fine includes a 30-percent rebate.

In a statement, Standard Chartered said the reporting errors were “clearly identified and self-correcting in 2018 and 2019”.

“Standard Chartered has actively and fully supported the PRA research and has made significant changes in investing in its reporting and management and management and is committed to providing accurate reports,” it added.