Toronto Dominion fined £7m for systems and controls failures

margaret-cole-FSA

LONDON – The Financial Services Authority (FSA) has fined the London branch of Toronto Dominion Bank
£7 million for repeated systems and controls failures that led to the mis-pricing of sophisticated financial products. The pricings errors required the Canadian bank to make a negative adjustment of CAD$96 million to its balance sheet in July 2008. The fine is the FSA’s second for systems and controls failings and the fourth largest levied to date by the UK regulator.

The pricing faults were

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe

You are currently unable to copy this content. Please contact info@risk.net to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Risk.net? View our subscription options

Register

Want to know what’s included in our free membership? Click here

This address will be used to create your account

You need to sign in to use this feature. If you don’t have a Risk.net account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here