FCA fines Merrill Lynch Intl £13m for misconduct

The FCA found errors in 35 million of the bank's transactions, and that it had failed to report another 121,387 transactions between November 2007 and November 2014. The regulator said the size of the fine - the highest imposed for transaction reporting failures to date - reflected the severity of MLI's misconduct. This included its failure to adequately address the root causes of the problem over several years, despite FCA guidance to the industry. The FCA said the bank had "a poor history of transaction reporting compliance", consisting of a private warning issued in 2002 and a f...