StanChart Hit With $61 Million Fine After Spreadsheet Error
- Lender made reporting errors on U.S. dollar liquidity metric
- Penalty is highest-ever fine in a PRA-only enforcement case
Photographer: Chris Ratcliffe/Bloomberg
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Standard Chartered Plc has been handed a record fine by the U.K.’s top banking regulator after a spreadsheet error resulted in the emerging markets-focused lender overestimating its access to U.S. dollar funding.
The Bank of England’s Prudential Regulatory Authority imposed a 46.6 million pound ($61 million) penalty on the lender for five reporting errors between March 2018 and May 2019, according to a statement Monday. That was compounded in one case by Standard Chartered only notifying the PRA of a miscalculation after a four-month internal investigation.