The UK’s Prudential Regulation Authority has fined Standard Chartered more than £46.5m for repeatedly reporting a key liquidity metric incorrectly and not being “open and co-operative” with one of Britain’s most important financial regulators.
The fine, the highest ever handed down by the PRA in an enforcement case, relates to Standard Chartered’s inaccurate reporting of its liquidity position from March 2018 to May 2019.
The PRA said Standard Chartered made five mistakes in its regulatory reporting over that period, so “the PRA did not have a reliable overview of its USD liquidity position”. The PRA had imposed a temporary additional liquidity requirement on the bank over concerns about outflows of dollars in October 2017.
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