BoA Merrill Lynch Handed £13.2 Million Transaction Reporting Fine
Record fine handed down by UK regulator FCA for incorrect reporting of 35 million trades.
The FCA said in a statement that a "poor history of transaction reporting compliance" had led it to use a penalty of £1.50 per line of incorrect or non-reported data for the first time, rather than the £1.00 per line used in the three most recent transaction reporting cases. BoA Merrill Lynch had previously been handed a Private Warning issued in 2002 and a fine of £150,000 in 2006 for reporting failures.
The record fine for MLI is larger than those levied against RBS in 2013 (£5.6 million)
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