State Street fines put spotlight on transition management firms
Review of overlooked sector follows £22.9 million penalty for overcharging customers
The fining of State Street UK for overcharging clients follows a regulatory review of the entire transition management sector in the UK, which has identified several potential risks and oversight failures in the industry.
The European branch of the financial services firm State Street was fined £22.9 million by the Financial Conduct Authority (FCA) after its transition management business overcharged six clients between June 2010 and September 2011. Transition management is used by firms such as
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