FCA ‘makes leaps of faith' justifying BNY Mellon fine - lawyer

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Georgina Philippou, acting director of enforcement and market oversight, FCA:

Our custody rules are in place to ensure that clients are protected in the event of insolvency. The firms’ failure to comply with our rules including their failure to adequately record, reconcile and protect safe custody assets was particularly serious given the systemically important nature of the firms and the fact that safeguarding assets is core to their business. Had the firms become insolvent, the total value of

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