Merrill Lynch hit with record fine
On April 22, the U.K.'s Financial Conduct Authority announced that it fined Merrill Lynch International £13.2 million ($20.5 million) for incorrectly reporting more than 35 million transactions and failing to report another 121,387 transactions between November 2007 and November 2014. The fine imposed was the highest ever imposed in the U.K. for transaction reporting failures and “reflects the severity of MLI's misconduct,” the FCA said. The FCA's acting head of enforcement, Georgina Philippou, commented that the size of the fine “sends a clear message” to the industry regarding the importance of accurate and timely transaction reporting.
